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Lehman falls and Indian firms lose Rs 2,000 cr

September 15, 2008

Lehman Brothers' move to file for bankruptcy on Monday wiped off more than Rs 2,000 crore from the market valuation of those Indian companies in which the US financial major has made equity investments.

Lehman itself recorded a loss of more than Rs 50 crore (Rs 500 million) on Monday on its investments in India, which is nearly 10 per cent of its current holding worth an estimated over Rs 500 crore (Rs 5 billion).

The loss would have been much higher if Lehman had not started offloading its equity holding in Indian companies late last month.

In a major selling spree that started on August 21, Lehman has sold shares worth close to Rs 400 crore (Rs 4 billion) in nearly 10 companies, including NIIT Ltd, Cranes Software, Amtek Auto, Amtek India, Fedders Llyod, Northgate, Mastek, Triveni Engg and Prajay Engg.

Text: PTI

Image: A man leaves Lehman Brothers' Canary Wharf office | Photograph: Cate Gillon/Getty Images

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