For the week ended October 29, the 15 Indian entities listed on the New York Stock Exchange and Nasdaq together shed USD 2.73 billion of their market capitalisation (m-cap), while the previous week they had lost USD 4.82 billion.
Thus, put together, Indian firms have lost about USD 7.55 billion in value within two weeks. Of the 15 firms listed as American Depository Receipts, 7 have registered loss in their valuations last week, while the remaining 7 saw a gain in their m-cap. The valuation of IT major Patni Computer Systems remained unchanged.
ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm. The market capitalisation of IT major Wipro plunged by USD 2.76 billion to a total of USD 34.98 billion, and the valuations of HDFC Bank decreased by USD 535 million to USD 26.5 billion.
In terms of gainers, private sector lender ICICI bank's m-cap boosted by USD 804 million to USD 30.16 billion and pharma major Dr Reddy's Laboratories' valuations surged USD 170 million to USD 6.39 billion.
Apart from Wipro and HDFC Bank, IT bellwether Infosys Technologies and outsourcing firm Genpact too witnessed a significant loss in their respective valuations. Infosys' m-cap declined by USD 299 million to a total of USD 38.52 billion, while that of Genpact fell by USD 228 million to USD 3.49 billion.
The market capitalisation of Internet firm Rediff.com, BPO company EXLService Holdings and telecom major Tata Communications was down by USD 7 million, USD 10 million and USD 53 million respectively.
Among the gainers, the valuations of Internet firm Sify Technologies, auto maker Tata Motors, BPO firm WNS Holdings, Mahanagar Telephone Nigam Ltd and copper producer Sterlite Industries increased in the range of USD 6 million to USD 97 million.
On Friday, the US markets ended mixed, with Dow Jones Industrial Average settling up by 4.54 points at 11,118.49 and S&P 500 fell by 0.52 points at 1,183.26. Besides, tech heavy Nasdaq was down 0.04 points at 2,507.41.