INDIA BUSINESS WORLD - JANUARY 1^st - JANUARY 15^th - 2008

INDIA INC LOSES $5.7 B ON US BOURSES IN FIRST WEEK OF 2008

The new year has begun on a strong note for Indian bourses where the companies have added more than $60 billion to their market value, but it has been an inauspicious beginning for Indian firms in the US market. A total of 16 Indian companies listed in the US, which includes IT giants like Infosys, Wipro and Satyam, have lost close to $6 billion in the first week of trade here on the New York Stock Exchange and Nasdaq. There have been just three days of trading in 2008 here as January 1 was a holiday in the US, while the Indian bourses have conducted four trading sessions so far this year. While market values of 12 companies fell, four companies saw their values growing during the week The Dow Jones Industrial Average Index, the benchmark index of the US stock market, slid by 3.5% during the week as against about 2% gain in the Sensex, the barometer index of the Indian stock market.