US listed Indian stocks lose US$ 3 bn in a month

As bourses worldwide traded in volatile zone, the collective value of Indian stocks trading on the American markets tumbled by nearly US$ three billion in the month of November, with IT major Infosys Technologies alone witnessing an erosion of US$ 1.73 billion. Swinging between the highs and lows, the 16 Indian shares listed on the US bourses together lost US$ 2.91 billion, while Apart from Infosys, the 15 other companies listed on the New York Stock Exchange and Nasdaq, which saw substantial market value erosion, include Satyam Computer Services, HDFC Bank and ICICI Bank. While, Satyam Computers saw a decline of US$ 832 million in its market capitalisation, the valuation of HDFC Bank plunged by US$ 485 million and ICICI Bank by US$ 284 million. The outsourcing firm Genpact saw a decline of US$ 285 million in its market capitalisation, with Tata Comm and Tata Motors plunging by US$ 2.74 billion and US$ 2.29 billion, respectively. Other shares listed on American bourses are It major Wipro, internet firms Sify Technologies and Rediff.Com, outsourcing entities WNS, EXLService Holdings, telecom companies Mahanagar Telephone Nigam, copper producer Sterlite Industries, pharma major Dr Reddy's Laboratories and IT services provider Patni Computer Systems. Among them, Sterlite Industries' market value declined 56 million dollars, while Dr Reddy's saw an erosion of US$ 35 million and MTNL US$ 25 million. Global markets rallied after the US government announced anothter US$ 800 billion rescue package and China cutting its benchmark lending rate which led to a recovery in markets worldwide.