Indian ADRs lose $5 bn in a week; Infosys top loser

Indian stocks trading on American bourses collectively witnessed a value erosion of $five billion last week, with IT bellwether Infosys Technologies accounting for nearly half of the total losses.

For the week ended July 16, the 16 Indian entities listed on the New York Stock Exchange and Nasdaq together lost $5.04 billion from their market capitalisation (mcap), with the software major Infosys shedding $2.4 billion from its valuation to $3.3 billion.

Among the 16 companies listed as American Depository Receipts (ADRs) 3 of them including auto giant Tata Motors, telecom major Tata Communications Ltd (TCL) and internet firm Sify Technologies saw a gain in their respective m-cap.

Infosys is followed by another IT firm, Wipro Technologies whose valuation plunged by $1.5 billion to a total of $30.38 billion.

Private sector lender HDFC Bank's valuation fell by $714 million to $21.8 billion, while that of copper producer Sterlite Industries declined by $176.3 million to $2.8 billion.

Meanwhile, Tata Motors emerged as the biggest gainer, which saw its market capitalisation rising by $188 million to a total of $190 million.

On the other hand, valuation of ICICI Bank decreased by $129 million to $21 billion.

IT firm Mahindra Satyam (earlier known as Satyam Computer Services) saw a value erosion of $60 million to $3.4 billion followed by the outsourcing firms Genpact and WNS Holdings, which lost $55 million and $27 million from their valuations, respectively.

In addition, valuations of other ADRs -- Pharma major Dr Reddy's, IT firm Patni Computer Systems, BPO company EXL Service Holdings, Mahanagar Telephone Nigam Ltd and internet firm Reddif.Com valuations slipped in the range of $4 million to $24 million.

On Friday the US markets ended in the red, with Dow Jones Industrial Average settling down by 261.41 points at 10,097.90 and S&P 500 fell by 31.60 points at 1,064.88. Besides, tech heavy Nasdaq was down 70.03 points at 2,179.05.