The Hindu Business Line : ADRs gain $6 billion in a week

NEW YORK: The Indian stocks listed on the American bourses saw their cumulative market valuation jumping by $6 billion in the last week, with private sector lender ICICI Bank accounting for over half of the gains.

For the week ended May 21, the 16 Indian entities listed as American Depository Receipts (ADRs) on the New York Stock Exchange and the Nasdaq added $5.94 billion to their total market capitalisation.

The valuation of ICICI Bank has jumped by $3.4 billion. However, the market cap of IT bellwether Infosys plunged by $2.5 billion during the same period. The market capitalisation of private sector lender HDFC Bank rose by $1.89 billion, while that of c opper producer Sterlite Industries went up by $1.25 billion.

Tata Motors added $904 million to its market cap during the week. IT major Wipro saw a rise of $394 million in its market valuation in the last week.

Meanwhile, market values of outsourcing firm Genpact and telecom major Mahanagar Telephone Nigam Ltd increased by $161 million and $151 million, respectively. - PTI

Next: Rupee up 18 paise against dollar

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