Indian ADRs loss USD 1.44 bn in one week

New York, Aug 16 (PTI) Indian stocks trading on American
bourses lost over one billion dollars last week, with IT
bellwether Infosys accounting for more than half of the total
loss.

For the week ended August 14, Indian entities listed on
two US bourses --the New York Stock Exchange and Nasdaq-- shed
USD 1.44 billion from their total market capitalisation.
Infosys' valuation alone plunged by USD 961 million.

Besides Infosys, two other major losers were banking
majors -- ICICI Bank and HDFC Bank. Two lenders, in total,
lost USD 673 million.

The valuation of telecom firm Mahanagar Telephone Nigam
Ltd fell by nearly USD 76 million, while that of drug maker Dr
Reddy's declined by USD 55.6 million.

Besides, outsourcing firms WNS Holdings and EXLService
too witnessed an erosion of USD 50 million in their mcap.

The pack of losers include IT firms Mahindra Satyam and
Tata Consultancy Services which shed USD 13.40 and USD 4.4
million respectively. Rediff.com declined by nearly USD 5
million.

However, Azim Premji-led Wipro, auto behemoth Tata Motors
and NRI billionaire Anil Agarwal-led Sterlite Industries were
among the pack of six companies, which gained on bourses
during the week.

Sterlite Industries led the gainers pack and added USD
134 million in its market capitalisation, whereas Wipro and
Tata Motors added USD 74 and 58 million, respectively.

BPO firm Genpact's valuation increased by USD 19 million
and another IT company Patni Computer rose by USD 98 million,
while internet firm Sify added USD 11.12 million.

Last week, the US Federal Reserve had said the country's
economic activity is bottoming out and financial conditions
have improved.

On Friday, the US markets ended in the red with the Dow
Jones Industrial Average (DJIA) settling down by 0.82 per cent
to 9,321.40 and S&P 500 ended at 1,004.09, down 0.85 per cent.
Besides, tech heavy Nasdaq by fell 1.19 per cent to 1,985.52
points. PTI