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| Indian ADR's shed $3bn last week |
| Press Trust of India / New York Feb 07, 2010, 14:29 IST |
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Indian stocks trading on American bourses witnessed a value erosion of nearly $3 billion last week.
For the week ended February 5, Indian entities listed on New York Stock Exchange and Nasdaq collectively lost $3 billion from their total market capitalisation, with HDFC Bank and ICICI Bank alone shedding $2.01 billion.
HDFC Bank's valuation plunged by $1.04 million to $16.91 billion, while that of ICICI Bank's tumbled by $969 million to $18.68 billion.
IT bellwether Infosys Technologies was another major loser whose valuation declined by $560 million to a market cap of $29.07 billion.
ADRs are bought and sold in American markets just like stocks and are issued in by a bank or a brokerage firm.
Apart from HDFC Bank, ICICI Bank and Infosys, Wipro and Tata Motors too saw a significant decline in their respective valuations.
Market capitalisation of Wipro fell by $191 million to $28.71 billion and Tata Motors' valuation went down by $157 million to $6.42 billion.
Out of the 16 companies listed as American Depository Receipts (ADRs), three companies bucked the trend and witnessed a gain of $225 million.
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