Indian ADRs Today — Premium vs NSE
Infosys, Wipro, HDFC Bank, ICICI Bank and Dr. Reddy's ADRs converted to rupees and compared with their NSE shares: today's premium, its one-year range and the overnight move.
Five Indian companies have ADRs listed in New York: Infosys, Wipro, HDFC Bank, ICICI Bank and Dr. Reddy's. This page converts each ADR's US close into rupees, compares it with the NSE close of the same day, and shows the premium or discount, its typical range over the past year and where today sits in that range - plus how each ADR moved overnight.
An American Depositary Receipt (ADR) is a certificate traded in US dollars on a US exchange that represents shares of a foreign company held by a depositary bank. Five large Indian companies keep ADRs listed on the New York Stock Exchange: Infosys, Wipro, HDFC Bank, ICICI Bank and Dr. Reddy's Laboratories.
Because the ADR and the Indian share are claims on the same company, their prices should line up once you account for the exchange rate and the number of Indian shares each ADR represents. In practice they often don't: the ADR can trade at a premium or a discount to the NSE share, and that gap moves. This page measures it every day.
It also gives Indian traders an overnight cue. US markets trade through the Indian evening and night, so when an Indian company with an ADR reports results or is hit by US news after the NSE closes, the ADR is the first place the market reacts. Its overnight move is often the best early read on how the NSE share may open.
How the premium is calculated
Each ADR's US closing price is multiplied by that day's USD/INR rate and divided by the number of Indian shares the ADR represents. That gives the ADR's value per Indian share in rupees, which is compared with the NSE close of the same date. The difference, as a percentage of the NSE close, is the premium (positive) or discount (negative).
The number of shares per ADR differs by company: one Indian share per ADR for Infosys, Wipro and Dr. Reddy's, two for ICICI Bank and three for HDFC Bank. Splits and bonus issues can change these, so the page checks every day that live prices still match the ratio and withholds a company rather than show a wrong number.
Both closes come from the same calendar date, but the markets don't trade at the same time - the NSE closes before New York opens. Part of any premium is simply news that arrived in between, which is why a single day's reading matters less than where it sits in its usual range.
Why Indian ADRs trade at a premium or discount
Foreign ownership limits. Indian rules cap how much of some companies foreign investors may own, and banks in particular have run close to their limits at times. When foreign investors can't buy more of the Indian shares, the ADR becomes their main route in, and it can trade at a persistent premium.
Limited arbitrage. In principle a trader could buy the cheaper version and sell the dearer one, but converting between ADRs and Indian shares is restricted, slow and costly. Gaps that would vanish in minutes between two listings of the same share in one country can last for weeks.
Different investor bases and hours. The ADR is priced by US investors during US hours, and the Indian share by Indian and foreign investors during Indian hours. Results, currency moves and global risk sentiment reach the two at different times.
Currency. A move in USD/INR changes the rupee value of the ADR even if its dollar price is flat. The page converts at that day's rate so the comparison is like for like.
How to use the ADR move before the Indian open
On a normal day, the overnight ADR move mostly reflects the US market and the rupee. On results days it carries company news: Indian IT companies often report after Indian market hours, so the ADR reaction during the US session is the first price the market puts on the numbers.
Read the move together with the premium. An ADR that rose sharply overnight while its premium jumped to the top of its range is pricing in news the NSE share hasn't seen yet. An ADR that moved with the US market while its premium stayed near its median tells you less about the company itself.
Treat it as one input, not a forecast. The NSE share opens on Indian demand and supply, and Indian news before the open can change the picture. The page describes the gap; it doesn't predict how the next session will trade.
Where this data comes from
ADR and NSE closing prices and the USD/INR rate come from publicly available market data, paired by date. The typical range is the 10th to 90th percentile of the premium over the last year of paired sessions; a percentile range is used rather than the extremes because single days around splits, bonus issues and results can show distortions that don't reflect the normal relationship.
Companies whose ADRs are no longer listed, or whose US and Indian listings are different entities, are not included. Each company name links to its full Strota stock page with F&O data, deals and delivery.
Key takeaways
- Five Indian companies have NYSE-listed ADRs: Infosys, Wipro, HDFC Bank, ICICI Bank and Dr. Reddy's.
- Premium = ADR value per Indian share in rupees versus the NSE close of the same date.
- Shares per ADR differ: one for Infosys, Wipro and Dr. Reddy's, two for ICICI Bank, three for HDFC Bank.
- Foreign ownership limits and restricted conversion let premiums persist; read today against the usual range.
- The overnight ADR move is the first market reaction to news that lands after the NSE close.
- The page describes the gap between the two listings; it doesn't predict the next session.
Frequently asked questions
Which Indian companies have ADRs?
Five Indian companies keep ADRs listed on the New York Stock Exchange: Infosys (INFY), Wipro (WIT), HDFC Bank (HDB), ICICI Bank (IBN) and Dr. Reddy's Laboratories (RDY). Some others, such as Tata Motors, have delisted their ADRs.
How many shares does one HDFC Bank or ICICI Bank ADR represent?
One HDFC Bank ADR represents three Indian shares, and one ICICI Bank ADR represents two. Infosys, Wipro and Dr. Reddy's ADRs each represent one share. This page checks the ratios against live prices every day.
Why does the HDFC Bank ADR trade at a premium?
Mainly because of foreign ownership limits: when foreign investors are near the cap on the Indian shares, the ADR is the main way for them to add exposure, and converting between the two is restricted, so the gap isn't arbitraged away quickly. The table shows today's premium against its typical range over the past year.
How do I convert an ADR price to rupees?
Multiply the ADR's dollar price by the USD/INR exchange rate, then divide by the number of Indian shares the ADR represents. The result is the ADR's value per Indian share in rupees, which you can compare directly with the NSE price.
Does the Infosys ADR predict the NSE opening price?
It is an early signal, not a prediction. Infosys and other IT companies often report after Indian market hours, so the ADR's US-session move is the first reaction to the results. The NSE share then opens on Indian supply and demand, which can differ.
Why compare closes from the same date?
Because using the latest price from each market would mix different days. The page pairs the US close with the NSE close of the same date and states which date it used. Even then, the two markets close at different times, so part of a gap is news that arrived between the closes.
How often is this page updated?
Prices are refreshed through the day and the comparison uses the latest date on which both markets have closed. The overnight move refers to the most recent completed US session.