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New York: Indian stocks trading on American bourses witnessed a value erosion of 2.5 billion dollars, with IT bellwether Infosys shedding as much as 1.35 billion dollars in one week.
The 16 Indian entities listed as American Depository Receipts (ADRs) saw their collective market capitalization tumble 2.5 billion dollars for the week ending February 13.
Infosys emerged as the biggest loser for the week, as its valuation plunged by 1.35 billion dollars, while another software exporter Wipro's market-cap dropped by 743 million dollars.
Besides, leading private sector lenders HDFC Bank and ICICI Bank together lost 340 million dollars. The valuations of HDFC Bank and ICICI Bank fell by 227 million dollars and 117 million dollars, respectively.
However, bucking the trend, telecom entity Tata Communications managed to additions to its market-cap. The entity gained 107 million dollars during the week, which saw highly volatile trading sessions in the American bourses.
Crisis-ridden Satyam Computer Services saw its market value increase marginally by 24 million dollars. Hit by a massive accounting fraud, the new board of the software exporter is looking at various options, including possible sale to revive the company's battered fortune.
On the other hand, for the week ending February 6, the ADRs had added 4.4 billion dollars to their total valuation.
Among the 16 Indian ADRs trading on the New York Stock Exchange and Nasdaq, auto maker Tata Motors, pharma major Dr Reddy's Laboratories and outsourcing firm Genpact too recorded declines in their valuations.
While Tata Motors' market-cap decreased by 73 million dollars, that of Dr Reddy's slid by 69 million dollars.
Further, Genpact shed 62 million dollars.
During the week, telecom company Mahanagar Telephone Nigam Ltd and copper producer Sterlite Industries witnessed their valuations rise by 41 million dollars and 35 million dollars respectively. BPO entity WNS too ended with a gain of 3.4 million dollars in its market-cap.
Software exporter Patni Computer Systems, BPO company EXLService, internet firms Rediff.com and Sify Technologies saw a market value erosion in the range of 2-25 million dollars.
Last week, the much-awaited stimulus package worth nearly 800 billion dollars was passed by the US Congress. The new plan proposed by the Obama administration is aimed at reviving the American economy and is expected to create about four million jobs in the coming months.
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