Investors incur USD 20 bn loss in U.S.-listed Indian cos

New York, Oct 12 (PTI) Indian stocks listed on American
bourses have witnessed a fall of USD 20 billion in their
valuation in just one week, with I.C.I.C.I. Bank and H.D.F.C.
Bank together incurring over USD eight billion loss.

Moreover, the decline of nearly 20 billion dollars, in
the market capitalisation for the shares during the week
ending Oct 10, is double the losses witnessed in the same
period a week ago.

The 16 Indian companies listed on Nasdaq and the New York
Stock Exchange have collectively seen a value erosion of 19.45
billion dollars, led by I.C.I.C.I. Bank which lost five
billion dollars.

Reflecting the acute credit crunch in the banking sector,
leading lender H.D.F.C. Bank lost 3.39 billion dollars.

As the financial turmoil gripped world economies, markets
globally had one of the worst weeks ever and India's benchmark
Sensex had crashed over 1,000 points in intra-day trading on
Friday.

Another major loser was leading software exporter Wipro,
which saw its market capitalisation tumbled by 3.59 billion
dollars, while I.T. bellwether Infosys Technologies' value
crashed by 3.24 billion dollars.

Even though Infosys had posted a better than expected
second quarter results on Friday, the firm revised its
U.S.-dollar revenue guidance.

As per the revised guidance, the full-year revenue is
expected to be USD 4.72-4.81 billion compared with the
previous guidance of USD 4.97-5.05 billion.

Further, I.T. companies -- Satyam Computer Services and
Patni Computers had relatively lesser declines. While Satyam's
market value fell by 886 million dollars, Patni had a drop of
87 million dollars.

The market capitalisation of leading copper producer
Sterlite Industries plunged 1.33 billion dollars, while pharma
major Dr Reddy's Laboratories dropped by 387 million dollars.

Further, auto major Tata Motors witnessed a decline of
470 million dollars in its market capitalisation.

Other Indian shares listed as A.D.R.s are internet firms
Sify Technologies and Rediff, B.P.O. companies Genpact and
ExlService Holdings, telecom entities Mahanagar Telephone
Nigam and Tata Communications.