Indian Firms Lose $1.44 Billion In USA

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Information about Indian Firms Lose $1.44 Billion In USA
News & Politics

Published on August 17, 2009

Author: Zopag



Indian Firms Lose $1.44 Billion In USA
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Zopag News Network Published on Mon 17th Aug 2009 07:52:03 New York, August 17: Indian stocks trading on American bourses lost over one billion dollars last week, with IT bellwether Infosys accounting for more than half of the total loss. For the week ended August 14, Indian entities listed on two US bourses --the New York Stock Exchange and Nasdaq-- shed USD 1.44 billion from their total market capitalisation. Infosys' valuation alone plunged by USD 961 million. TOP NEWS STORY OF THE DAY – 17 th August 2009 Indian firms lose $1.44 billion in US

Besides Infosys , two other major losers were banking majors -- ICICI Bank and HDFC Bank. Two lenders, in total, lost USD 673 million. The valuation of telecom firm Mahanagar Telephone Nigam Ltd fell by nearly USD 76 million, while that of drug maker Dr Reddy's declined by USD 55.6 million. Besides, outsourcing firms WNS Holdings and EXLService too witnessed an erosion of USD 50 million in their mcap. Indian firms lose $1.44 billion in US

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