Date:10/10/2008 URL: http://www.thehindu.com/2008/10/10/stories/2008101054022000.htm

Business

Investors lose $12 billion

NEW YORK: With the financial turmoil ravaging world economies, Indian stocks listed on the U.S. bourses saw their value erode by nearly $12 billion in the first three days of this week and the country’s leading private sector lender ICICI Bank lost about $3 billion.

IT bellwether Infosys and another private sector lender HDFC Bank too saw their market capitalisation tumble by over $ 2 billion during this time.

The world markets, including Asia and Europe, have seen one of their worst trading this week, with Japan’s benchmark Nikkei 225 touching a 20-year low, while the Indian markets are continuing to trade in the negative territory.

Among the 16 stocks listed as American Depository Receipts (ADRs) in Nasdaq and New York Stock Exchange, ICICI Bank’s market capitalisation plunged by $2.89 billion, while that of Infosys and HDFC Bank tumbled by $2.32 billion and $2.25 billion, respectively.

IT firm Wipro saw its value fall by $2.24 billion. — PTI