The Hindu Business Line : ADRs gain over $244 million in a week

NEW YORK: The Indian stocks trading on American bourses saw their total market capitalisation rise by over $244 million, even as five companies witnessed value erosion this week.

The 16 entities listed on the New York Stock Exchange and the Nasdaq witnessed their cumulative market valuation climb $244 million for the week ended July 4, led by Sterlite Industries which alone gained $489 million.

Besides, IT major Wipro also saw its valuation jump by $425 million and HDFC Bank gaining $278 million. The total gain during the week was offset by the loss suffered by five firms - Infosys Technologies, Tata Motors, Genpact, Sify and Patni Computers - totalling $1.3 billion.

Among the entities trading as American Depository Receipts (ADRs), Infosys Technologies ended the week as the biggest loser, shedding as much as $739 million in its market capitalisation.

The second major loser was Tata Motors, whose market capitalisation dropped by $517 million, followed by Genpact ($107 million).

Other losers include internet firm Sify Technologies whose valuation fell by 13 million and Patni Computer ($9 million). - PTI

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