Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

US-listed Indian cos lose $20 bn

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New Delhi, November 11: Indian blue chips led by Infosys, Wipro and ICICI Bank lost close to 20 billion dollars (about Rs 80,000 crore) of market value at the US bourses in last one week following the downslide in America.

The total loss registered by 16 Indian Companies listed on the US bourses is about one-fourth of that recorded by over 4,000 Companies at domestic bourses.

IT major Infosys registered the biggest loss of about five billion dollars, while Wipro and country's biggest private lender ICICI Bank saw an erosion of close to four billion dollars each in their market capitalisation in the US.

The total market capitalisation of all the 16 US-listed Indian firms dropped to about 130 billion dollars on Friday, against close to 150 billion dollars a week ago.

None of these Companies managed to record a gain during this period.

Five out of these 16 Companies are not listed on the Indian bourses. Among the remaining 11, the loss seen on the US bourses was bigger than the Indian bourses for as many as eight Companies. The two private sector lenders — ICICI Bank and HDFC Bank and IT firm Patni Computer Systems recorded bigger losses on the Indian stock market.

The US stock market's benchmark index Dow Jones Industrial Average (DJIA) dropped 4.06 per cent during the week. Dr Reddy's Labs and Sterlite Industries were the only two Indian firms recording a lower fall of 1.5 per cent and 3.5 per cent respectively. The decline was higher for other 14 firms.

The Bombay Stock Exchange's 30-share barometer index dropped by about five per cent during this period.

 

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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