NEW YORK: Indian shares listed in the United States witnessed erosion of nearly $3 billion in their market valuations for the first week of this month, as fears of an economic turmoil deepening further battered the stock markets. The 16 Indian entities trading on the American bourses lost $2.76 billion in market capitalisation for the week ended November 7, with IT bellwether Infosys Technologies witnessing a decline of $1.5 billion.

However, leading private sector lender ICICI Bank and software exporter Wipro added to their respective market values. While ICICI Bank’s market capitalisation jumped by $473.2 million, that of software exporter Wipro rose by $160.7 million.

Apart from Infosys, other major losers include copper producer Sterlite Industries, auto maker Tata Motors and telecom player Tata Communication.

Meanwhile, for the whole of October, the Indian firms saw an erosion of more than $15 billion in their market value. The major losers for that month include ICICI Bank and HDFC Bank, Wipro and Infosys.

For the week ended November 7, Sterlite’s market capitalisation dropped by $913.5 million while Tata Motors and Tata Communication slipped by $550 million and $470.7 million, respectively.

Other losers were software exporter Satyam Computer Services, Internet firm Rediff.com and outsourcing companies – Genpact and ExlService Holdings.

On the other hand, HDFC Bank’s market capitalisation jumped $56.6 million, while outsourcing entity WNS saw its market value increase by $53 million.

Further, telecom company Mahanagar Telephone Nigam Limited, pharma major Dr Reddy’s Laboratories and IT firm Patni Computer Systems too witnessed gain in their market value.

source: Economictimes

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