INSUBCONTINENT EXCLUSIVE:
Bengaluru: The stock market crash this week has weighed heavily on some of the biggest names in the IT sector, reducing the net worth of
such as HCL, Wipro and Infosys
biggest losers in the market rout, with the net worth of their holdings being shaved off by $1.6 billion and $1.4 billion respectively
This is because both hold a sizeable chunk of the companies personally and through various investment arms
Nadar holds about 60 per cent and Premji still controls 74 per cent
The shares of these two companies were the worst affected IT stocks in the last trading week
HCL lost nearly 12 per cent over the week to close at Rs 534 on Friday on the BSE, while Wipro lost 10 per cent to end at Rs 221.
IT stocks
have fallen sharply despite a depreciation in the rupee against the dollar (which benefits this export industry) because of fears of a
global recession arising from the coronavirus epidemic
A recession could make clients of IT services companies cut their technology spends.
L-T-controlled Mindtree, and Tech Mahindra also
N Krishnakumar, who holds 3.7 per cent in Mindtree, lost $8 million over the past week, dragging the value of his holding to about $80
million.
N R Narayana Murthy, Nandan Nilekani, and their families, who hold 3.5 per cent and 2.4 per cent of Infosys stock respectively,
lost $100 million and $90 million
Tata Sons, which holds 72 per cent in TCS, saw wealth erode to $75 billion from $81 billion, a week earlier