Investors lose $10 bn in US-listed Indian cos

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Weekly Review: Markets bounce by 2%NSE, BSE likely to extend trade timingsStock markets to remain closed todayMarkets may be volatile in Nov: Analysts

New York, October 5:: Indian companies listed on the American bourses lost close to 10 billion dollars during the past week, with IT bellwether Infosys witnessing the maximum erosion of about two billion dollars.

The 16 Indian firms listed on NYSE and Nasdaq saw their collective market capitalisation dip to 78.9 billion dollars, from 88.7 billion dollars at the beginning of the week.

The loss registered by the Indian American depository rates is mainly because of the meltdown at the US bourse and has been mostly in line with the broader market trends, analysts believe.

Among these firms, about half a dozen IT and ITeS firms together lost more than four billion dollars in their market value during the week.

However, Internet firm Sify Technologies posted a modest gain of about three million dollars.

While Wipro shed 1.69 billion dollars, Satyam Computer Services saw a drop of 938 million dollars in its valuation and Patni Computers witnessed a decline of 72 million dollars.

Besides, ADRs of outsourcing firms Genpact, WNS and EXLService and that of Rediff.com dropped between 4-12 per cent during the week.

India's two largest private sector lenders -- ICICI Bank and HDFC Bank -- together saw their market cap plunging by nearly two billion dollars.

ICICI Bank dropped 8.6 per cent during the week, with the market capitalisation declining by 1.19 billion dollars. HDFC Bank fell by six per cent, while its valuation decreased by 810 million dollars.