Indian ADRs shed $12.6 b in January

Indian ADRs shed $12.6 b in January

For the month ended January 31, Indian entities listed on the New York Stock Exchange and Nasdaq—together lost $ 12.6 billion from their total market capitalisation, with Wipro and Infosys contributing $ 6.05 billion to the total loss.

Wipro’s valuation plunged by $ 3.96 billion to $ 28.9 billion, while that of Infosys tumbled by $ 2.09 billion to $ 29.63 billion. Out of the 16 companies listed on the bourses as American Depository Receipts (ADRs), five of the them including Mahindra Satyam (earlier known as Satyam Computer Services) saw a marginal gain of $ 135 million to its total market capitalisation.

ADRs are bought and sold in American markets just like stocks and are issued in by a bank or a brokerage firm.

Meanwhile, copper producer Sterlite Industries shed its valuation by $ 1.92 billion to $ 13.4 billion. Private sector lenders—HDFC Bank and ICICI Bank together lost $ 3.02 billion to their combined market cap.

Market capitalisation of HDFC Bank fell by $ 1.74 billion to $ 17.95 billion, whereas ICICI Bank’s valuation declined by $ 1.28 billion to $ 19.65 billion.