Indian stocks listed on US bourses lose $7 bn in 2 days

Shares of 16 Indian firms listed on the US bourses have suffered a loss of over $7 billion in just two days, amid the crisis which has gripped major investment banks in that country.      

Country's largest private sector lender, ICICI Bank suffered the brunt of the meltdown, receiving a blow of about $2.58 billion in the market capitalisation of its American Depository Receipts.     

ICICI Bank's ADRs listed on the New York Stock Exchange plunged over 15 per cent since Friday last week.

It settled at $25.2, down nearly 4 per cent at the close of trade last night.    

IT firms including Satyam, Infosys and Patni Computers witnessed a sharp fall with their market cap dropping $968 million, $480 million and $91 million, respectively.    

Vedanta Group firm Sterlite Industries' ADRs also declined over 10 per cent in two days witnessing a drop of $793 million in its market value, since Friday last week.       

Meanwhile, Tata Communications (formerly known as VSNL) and Rediff.Com were the only exceptions to the melting markets and managed to stay afloat.

Tata Communications gained nearly 3 per cent in the past two days on the NYSE, while Rediff.Com had closed up 0.4 per cent on Tuesday on the Nasdaq.     

Another private lender, HDFC Bank's ADRs also dropped sharply in the past two days loosing close to $884 million in market capitalisation.

It had settled at $81.25 on Tuesday falling 7.14 per cent from $87.5 on Friday last week.    
In the past two day, ADRs of outsourcing firms Genpact, WNS (Holdings) and EXLService Holdings Inc also witnessed a drop of over 8 per cent, 2.39 per cent and 6.6 per cent, respectivley.