Indian ADRs lose $10 bn in a month

Indian stocks trading on American bourses lost over USD 10 billion last month,with private sector lender ICICI Bank accounting for almost 40 per cent of the total loss.

For the month ended October 30,Indian entities listed on two US bourses — the New York Stock Exchange and Nasdaq — together lost USD 10.25 billion from their total market capitalisation,with ICICI Bank’s valuation coming down by USD 3.95 billion to USD 17.51 billion.

IT majors Infosys Technologies and Wipro together lost USD 2.6 billion from their market capitalisation. The valuation of Infosys fell by USD 1.42 billion to USD 26.24 billion,while that of Wipro declined by USD 1.17 billion to USD 25.12 billion.

Another major loser was private sector lender HDFC Bank whose valuation plunged by USD 1.10 billion to a market capitalisation of USD 15.68 billion.