Nasdaq expects no Indian companies to get listed there in the next two years even as only one IT major Infosys topped with a total market value of about $7.176 billion till September last year.
"In the next two years, we expect no Indian firms to get listed," Nasdaq vice chairman Alfred R Berkeley said in New Delhi, citing the downturn in the US economy with institutional investors going for alternate profitable and attractive companies.
"Except for Infosys, the performance of all other listed Indian companies on Nasdaq are not satisfactory," he said on the sidelines of a TiECon 2003 conference on Wednesday.
Market capitalisation of IT stocks of Sify was far behind at $6.2 million, while another portal rediff.com had a total value of $10 million.
On New York Stock Exchange, eight Indian companies are listed during the same period with Wipro's American depositary receipts topping with a total market value of about $6.426 billion, followed by ICICI Bank's American depositary shares worth $1.836 billion and MTNL's ADR with about $1.464 billion.
Nasdaq, which has a small office in Bangalore, had also no plans for any further investment in the country but would evaluate the market, he said.
Berkeley admitted that performance of Indian IT companies was very good within the country. But on a relative basis, their performance on the Nasdaq was not good.
"India needs a plan to bring US capital to entrepreneurs in the country," he said.
Till the market improves, the overall sentiment on Nasdaq is not likely to be better, he said. "Nobody can predict when the situation will improve."
On the NYSE, the other Indian companies including Satyam Computer's ADR had a market value of $1.399 billion, HDFC Bank with $1.330 billion, Dr Reddy's Lab followed with $1.287 billion, VSNL's ADR with $656 million and Silverline Technologies with $27 million till September 2002.
