Indian Companies on US Exchanges
Indian companies cross-listed as ADRs / ordinary shares on NYSE or NASDAQ. Shows the equivalent NSE price vs the US ADR price to surface any premium or discount. Updated daily after market close.
USD/INR: 94.72
| Company | Sector | NSE price | ADR (USD) | ADR (₹ equiv) | Premium/Discount | Exchange | Ratio |
|---|---|---|---|---|---|---|---|
Tata Motors Limited TATAMOTORSTTM | Automobiles | — | — | — | — | NYSE | 1 ADR = 1 NSE share |
EXL Service Holdings EXLS | BPO | — | $26.06 | ₹2468.53 | — | NASDAQ | N/A (US-listed only) |
WNS (Holdings) Limited WNS | BPO | — | — | — | — | NYSE | N/A (US-listed only) |
HDFC Bank Limited HDFCBANKHDB | Banking | ₹774.50 | $24.97 | ₹2365.28 | +1.8% | NYSE | 1 ADR = 3 NSE shares |
ICICI Bank Limited ICICIBANKIBN | Banking | ₹1338.05 | $28.32 | ₹2682.61 | +0.2% | NYSE | 1 ADR = 2 NSE shares |
Infosys Limited INFYINFY | IT Services | ₹1029.55 | $10.92 | ₹1034.40 | +0.4% | NYSE | 1 ADR = 1 NSE share |
Wipro Limited WIPROWIT | IT Services | ₹174.50 | $2.30 | ₹217.87 | +24.6% | NYSE | 1 ADR = 1 NSE share |
ICICI Prudential Life Insurance ICICIPRULIIPRU | Insurance | — | — | — | — | OTC | OTC only |
Sify Technologies SIFY | Internet | — | $16.05 | ₹1520.34 | — | NASDAQ | N/A (US-listed only) |
Dr. Reddy's Laboratories DRREDDYRDY | Pharma | ₹1301.30 | $14.19 | ₹1344.15 | +3.3% | NYSE | 1 ADR = 1 NSE share |
MakeMyTrip Limited MMYT | Travel | — | $46.13 | ₹4369.66 | — | NASDAQ | N/A (US-listed only) |
Yatra Online Limited YTRA | Travel | — | $0.90 | ₹85.25 | — | NASDAQ | N/A (US-listed only) |
Understanding ADR premium/discount
Why do ADR prices differ from NSE?
ADRs trade on US exchanges during US market hours. Price differences arise from: timing (US closes after India), currency movements intraday, supply-demand on each exchange, and the ADR ratio (e.g. 1 HDFC Bank ADR = 3 NSE shares). The spread typically closes by next-day open.
Arbitrage opportunity?
In theory yes — buy cheap, sell expensive. In practice, the LRS/TCS friction (₹7L threshold, 20% TCS on remittances), 1-2 day settlement cycles, and brokerage on both sides make small spreads uneconomical for retail investors. Institutional arbitrageurs (hedge funds with FEMA registration) close large spreads quickly.
Which way to hold?
NSE is simpler (no LRS friction, rupee settlement) but misses US market hours. ADR gives USD denomination (INR depreciation tailwind) but adds compliance. For long-term holds of Indian blue-chips, NSE wins on simplicity. For dividend investors, check withholding tax: US brokers deduct 25% TDS on ADR dividends (vs 0 in India for equities).
ADR prices from Yahoo Finance delayed ~15 min. NSE prices from BSE/NSE EOD bhavcopy. Premium/discount uses closing prices from the most recent trading session. Not investment advice.