Investors lose nearly $12b in US-listed shares in 3 days
Friday, 10 October 2008
NEW YORK, Oct 9 (PTI): With the financial turmoil ravaging world economies, Indian stocks listed on US bourses saw their value erode by nearly $12 billion in the first three days of this week and the country's leading private sector lender ICICI Bank lost about $3 billion.
IT bellwether Infosys and another private sector lender HDFC Bank too saw their market capitalisation tumble by over $2 billion during this time.
The world markets, including Asia and Europe, have seen one of their worst trading this week, with Japan's benchmark Nikkei 225 touching a 20-year low, while the Indian markets are continuing to trade in the negative territory.
Among the 16 stocks listed as American Depository Receipts (ADRs) in Nasdaq and NYSE, ICICI Bank's market capitalisation plunged by $2.89 billion, while that of Infosys and HDFC Bank tumbled by $2.32 billion and 2.25 billion, respectively.
IT firm Wipro saw its value fall by $2.24 billion. However, Business Process Outsourcing firm WNS Holding managed to make marginal gains and added $11 million to its value.
Software exporter Satyam Computer Services witnessed an erosion to the tune of $776 million and leading auto maker Tata Motors saw a fall of $458 million.
Other Indian shares listed as ADRs are internet firms Sify Technologies and Rediff, BPO companies Genpact and ExlService Holdings, leading copper producer Sterlite Industries, telecom entities Mahanagar Telephone Nigam and Tata Communications, IT services provider Patni Computer Systems and pharma major Dr Reddy's Laboratories.
During the past week, the collective losses incurred by the ADRs touched around $10 billion.
IT bellwether Infosys and another private sector lender HDFC Bank too saw their market capitalisation tumble by over $2 billion during this time.
The world markets, including Asia and Europe, have seen one of their worst trading this week, with Japan's benchmark Nikkei 225 touching a 20-year low, while the Indian markets are continuing to trade in the negative territory.
Among the 16 stocks listed as American Depository Receipts (ADRs) in Nasdaq and NYSE, ICICI Bank's market capitalisation plunged by $2.89 billion, while that of Infosys and HDFC Bank tumbled by $2.32 billion and 2.25 billion, respectively.
IT firm Wipro saw its value fall by $2.24 billion. However, Business Process Outsourcing firm WNS Holding managed to make marginal gains and added $11 million to its value.
Software exporter Satyam Computer Services witnessed an erosion to the tune of $776 million and leading auto maker Tata Motors saw a fall of $458 million.
Other Indian shares listed as ADRs are internet firms Sify Technologies and Rediff, BPO companies Genpact and ExlService Holdings, leading copper producer Sterlite Industries, telecom entities Mahanagar Telephone Nigam and Tata Communications, IT services provider Patni Computer Systems and pharma major Dr Reddy's Laboratories.
During the past week, the collective losses incurred by the ADRs touched around $10 billion.