International BusinessIndian ADRs lose $4 bn in a week
Indian stocks trading on American bourses lost $3.85 billion (around Rs 18,000 crore) from their total market valuation last week, with HDFC Bank and Sterlite Industries leading the pack.
Private sector lender HDFC Bank and copper producer Sterlite Industries accounted for more than half of the total losses, shedding USD 2.15 billion from their total valuation during the week ended December 11.
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Four Indian companies, including IT firm Mahindra Satyam and BPO company Genpact, witnessed gains in their market capitalisation.
Mahindra Satyam"s market cap rose by $162 million to $3.42 billion, while that of Genpact grew by USD 127 million to $3.03 billion during the week. IT bellwether Infosys Technologies and Internet company rediff.Com also witnessed gains in their market cap.
Among other ADRs, Internet firm Sify Technologies, WNS Holdings, EXLService Holdings, automaker Tata Motors, pharma major Dr Reddy"s Laboratories, telecom major Mahanagar Telephone Nigam Ltd slipped in the range of $2-72 million.
On Friday, the US markets ended with a mixed reaction, with Dow Jones Industrial Average settling up by 65.67 points at 10,471.50 and S&P 500 by 4.06 points at 1,106.41. Tech heavy Nasdaq was down 0.55 points at 2,190.31.