Several large Indian companies are available to international investors through depository receipts — instruments that represent shares of a foreign company but trade on a local exchange.
ADRs and GDRs
- An ADR (American Depository Receipt) lets a non-US company’s shares trade on a US exchange (NYSE or Nasdaq) in US dollars. Infosys (INFY), Wipro (WIT) and ICICI Bank (IBN) are examples.
- A GDR (Global Depository Receipt) is the broader, non-US equivalent, often listed in Europe.
A bank holds the underlying Indian shares and issues the receipts, so an ADR’s value tracks the home-market share price (adjusted for the exchange ratio and currency).
Why watch them
- They show how global investors are pricing an Indian company outside Indian hours.
- Because the US market trades when India is closed, ADR moves can hint at sentiment before the next Indian session.
A caveat
ADR prices reflect a different currency (USD) and time zone, and can diverge from the home-listed share for short stretches due to demand, liquidity, or currency moves. They’re a useful cross-reference, not a substitute for the home listing.
You can see the major Indian ADRs, with end-of-day levels, on the Indices & FX page under Depository Receipts.