Indian ADRs lose $6 bn in a week

Indian stocks trading on American bourses saw their total market capitalisation shrink by nearly $6 billion, with ICICI Bank alone losing over $2 billion.

The 16 entities listed on the New York Stock Exchange and the Nasdaq witnessed their cumulative market valuation drop to $5.63 billion for the week ended July 10, with 12 of them witnessing value erosion during this week.

Among the entities trading as American Depository Receipts (ADRs), ICICI Bank ended the week as the biggest loser, shedding as much as $2.12 billion in its market capitalisation.

The second major loser was HDFC Bank, whose market capitalisation dropped by $1.43 billion, followed by Sterlite Industries which lost $863 million.

Besides, Satyam Computer, which has been rebranded as Mahindra Satyam, added $151.95 million to its valuation amid its board approving the allotment of shares on preferential basis to hike its new owner Tech Mahindra's stake in it to 42.7 per cent.

The total gain of $183.88 million by four firms --- Satyam, WNS Holdings, EXL Services and Genpact --- during the week was, however, offset by the loss suffered by the 12 firms.

Outsourcing firm WNS Holdings' valuation rose by $15.35 million, while EXL Holdings and Genpact saw their market capitalisations increase by $12.15 million and $4.42 million, respectively.

Other losers during the week include IT bellwether Infosys Technologies whose valuation fell by $149 million, followed by internet firm Sify Technologies whose valuation fell by $12 million and Patni Computer ($22 million).

The US markets were mixed last week with the Dow Jones Industrial Average dipping 36.65 points to 8,146.52 and S&P 500 dropping 0.40 per cent at 879.13 points. Also, tech heavy Nasdaq moved up 0.20 per cent at 1,756.03 points at the end of trade last week.