As bourses worldwide traded in volatile zone, the collective value of Indian stocks trading on the American markets tumbled by nearly USD three billion
NEW YORK: As bourses worldwide traded in volatile zone, the collective value of Indian stocks trading on the American markets tumbled by nearly USD three billion in the month of November, with IT major Infosys Technologies alone witnessing an erosion of USD 1.73 billion.
Swinging between the highs and lows, the 16 Indian shares listed on the US bourses together lost USD 2.91 billion, while
Apart from Infosys, the 15 other companies listed on the New York Stock Exchange and Nasdaq, which saw substantial market value erosion, include Satyam Computer Services, HDFC Bank and ICICI Bank.
While, Satyam Computers saw a decline of USD 832 million in its market capitalisation, the valuation of HDFC Bank plunged by USD 485 million and ICICI Bank by USD 284 million.
The outsourcing firm Genpact saw a decline of USD 285 million in its market capitalisation, with Tata Comm and Tata Motors plunging by USD 2.74 billion and USD 2.29 billion, respectively.
Other shares listed on American bourses are It major Wipro, internet firms Sify Technologies and Rediff.com, outsourcing entities WNS, EXLService Holdings, telecom companies Mahanagar Telephone Nigam, copper producer Sterlite Industries, pharma major Dr Reddy's Laboratories and IT services provider Patni Computer Systems.
Among them, Sterlite Industries' market value declined 56 million dollars, while Dr Reddy's saw an erosion of USD 35 million and MTNL USD 25 million.
Global markets rallied after the US government announced anothter USD 800 billion rescue package and China cutting its benchmark lending rate which led to a recovery in markets worldwide.
During the week, GDP data poured in from the US and UK. While UK economy contracted 0.5 per cent in the third quarter, reportedly for the first time in 16 years, US saw its GDP shrinking by 0.5 per cent.
Earlier this week, the UK government had announced a stimulus package worth 20 billion pound to lift the nation's sagging economy.
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