24 January,2010 12:35 PM IST | | PTI
The Indian stocks trading on the American bourses saw a collective value erosion of USD7.5 billion last week, with copper producer Sterlite Industries accounting for nearly one-third of this loss.
The week ended January 22 saw the Wall Street recording the worst weekly fall in over two years following the Obama administration's bid to control the wayward lending and investment practices of the major American banks.
During the week, the Indian entities listed on the New York Stock Exchange and the tech-heavy Nasdaq together lost a whopping USD7.5 billion from their market capitalisation, with Sterlite alone shedding USD2.34 billion to USD14.72 billion.
Private sector lenders like HDFC Bank and ICICI Bank together lost USD2.63 billion from their combined market capitalisation on the American bourses. HDFC Bank's valuation tumbled by USD1.61 billion to USD 17.84 billion, while ICICI Bank lost USD1.02 billion to USD 20.02 billion.
The ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage house. There are as many as 16 Indian companies listed on the US bourses as ADRs.
Another major loser was IT major Wipro, whose valuation plunged by USD 882 million , followed by the automaker Tata Motors, which saw a fall of USD 504 million to its total market capitalisation of USD 7.32 billion.
The market capitalisation of pharma major Dr Reddy's Labs declined by USD 352 million to USD 4.03 million during the week.
