Indian ADRs loss $1.44 b in 1 week

Indian stocks trading on American bourses lost over one billion dollars last week, with IT bellwether Infosys accounting for more than half of the total loss. For the week ended August 14, Indian entities listed on two US bourses --the New York Stock Exchange and Nasdaq-- shed $1.44 b from their total market capitalization. Infosys' valuation alone plunged by $961 m.Besides Infosys, two other major losers were banking majors -- ICICI Bank and HDFC Bank. Two lenders, in total, lost $673 m.

The valuation of telecom firm MTNL fell by nearly $76 m, while that of drug maker Dr Reddy's declined by $55.6 m. Besides, outsourcing firms WNS Holdings and EXLService too witnessed an erosion of $50 m in their midcap. The pack of losers includes IT firms Mahindra Satyam and TCS which shed $13.40 and $4.4 m respectively. Rediff.com declined by nearly $5 m.Apart from that Wipro, auto sector Tata Motors and Sterlite were among the pack of six companies, which gained during this week.

Sterlite Industries led the gainers pack and added $134 m in its market capitalization, whereas Wipro and Tata Motors added $74 and 58 m, respectively.On Friday(Aug 14^th), the US markets ended in the red with the Dow Jones Industrial Average (DJIA) settling down by 0.82 per cent to 9,321.40 and S&P 500 ended at 1,004.09, down 0.85 per cent. Besides, tech heavy Nasdaq by fell 1.19 per cent to 1,985.52 points.