Citi, Motorola among biggest losers in Fortune 500 list

Citigroup and Motorola, the two American companies led by India-origin chief executives, figure among those firms on the Fortune 500 list that have posted some of the biggest losses in the year 2008.

In 2008, Vikram Pandit-led Citi clocked an annual loss of USD 27.7 billion whereas Motorola, whose Co-chief executive is Sanjay Jha, incurred a loss of USD 4.2 billion.

According to the US magazine Fortune, American International Group (AIG) tops the chart of those companies in the Fortune 500 list that incurred loses with an annual loss of USD 99.3 billion.

AIG is at the 245th spot on the Fortune 500 list, while Citi is at 12th place and Motorola at 78th position.

"AIG led the loser board in a terrible year for onetime stars like Citigroup, Motorola and Fannie Mae and longtime laggards like GM," Fortune said.

Mortgage lenders Fannie Mae and Freddie Mac are also among the list of losers. Ranked at the 112th position, Fannie Mae has an annual loss of USD 58.7 billion.

At the 220th spot Freddie Mac lost USD 50.1 billion in 2008. Ailing auto maker General Motor had losses to the tune of USD 30.9 billion. The entity is at the sixth position.