What companies are listed in Both Indian and US Stock Market ?

A small group of Indian companies trade on both domestic exchanges (NSE/BSE) and US markets (NYSE/NASDAQ) simultaneously — spanning banking, IT services, pharma, and travel. This dual presence is made possible through American Depository Receipts (ADRs), a mechanism that lets Indian shares trade in US-dollar terms on American exchanges. Here's a breakdown of which companies maintain this dual listing and what it means for investors.

What Is an ADR (American Depository Receipt)?

An ADR is a negotiable instrument issued by a US depositary bank (such as JPMorgan or Citibank) that represents a specified number of shares — or a fraction of a share — of a foreign company. Instead of buying shares directly on an Indian exchange, US investors can buy ADRs on NYSE or NASDAQ, priced in US dollars, while the underlying shares are held in custody in India. Each ADR programme has a defined ratio — for instance, HDFC Bank's ADR represents a ratio of 1 ADR to 3 ordinary shares.

The 6 Indian Companies with Dual Listings

Company	US Exchange	Ticker	Sector
HDFC Bank	NYSE	HDB	Banking
ICICI Bank	NYSE	IBN	Banking
Infosys	NYSE	INFY	IT Services
Wipro	NYSE	WIT	IT Services
Dr Reddy's Laboratories	NYSE	RDY	Pharmaceuticals
Yatra Online	NASDAQ	YTRA	Travel & Leisure

A Closer Look at Each Company

HDFC Bank (NYSE: HDB)

India's largest private sector bank by assets, HDFC Bank's ADR trades on the NYSE with a ratio of 1 ADR representing 3 ordinary shares. It remains one of the most actively traded Indian ADRs among US investors seeking exposure to Indian banking.

ICICI Bank (NYSE: IBN)

Established in 1994, ICICI Bank listed its ADR on the NYSE in 1999, making it one of the earlier Indian banks to access US capital markets through this route.

Infosys (NYSE: INFY)

Infosys has one of the longest dual-listing histories among Indian IT companies. It listed its ADR on NASDAQ in 1999, before eventually shifting the listing to the NYSE in 2012 — reflecting its scale as one of India's largest IT services exporters.

Wipro (NYSE: WIT)

Wipro, founded in 1945, listed its ADR on the NYSE in 2000. Along with Infosys, it represents the IT services sector among dual-listed Indian names.

Dr Reddy's Laboratories (NYSE: RDY)

Established in 1984, Dr Reddy's listed its ADR on the NYSE in 2001, giving it a presence in the pharma and biotech space among Indian ADRs — the only healthcare-sector representative on this list.

Yatra Online (NASDAQ: YTRA)

Unlike the others, Yatra Online is the sole travel and leisure company on this list, listed on NASDAQ rather than the NYSE, giving investors exposure to India's online travel booking space.

Why Do Indian Companies List Dually?

• Access to global capital: Listing on US exchanges lets companies tap a much broader pool of institutional and retail investors.
• Enhanced visibility and credibility: A US listing often boosts brand recognition and analyst coverage internationally.
• Diversified investor base: Reduces dependence on domestic capital markets alone and can support more stable long-term ownership.
• Currency and valuation dynamics: ADRs are dollar-denominated, which can sometimes command a premium or discount versus the domestic share price depending on currency movements and relative demand.

What Investors Should Know

Dual-listed shares don't always move in lockstep. ADR prices can diverge from their domestic counterparts due to:

• Currency movements — since ADRs are dollar-denominated, rupee depreciation or appreciation directly affects their relative value.
• Trading hours and liquidity differences — US and Indian markets operate on different schedules, and liquidity can vary between the two listings.
• Investor sentiment divergence — global market sentiment (e.g., US tech or banking sector trends) can influence ADR prices independently of how the stock is performing domestically.

This means ADR returns and domestic share returns for the same company can differ meaningfully over a given period — something worth factoring in if you're comparing performance across both listings.

Why This Matters for Investors

For Indian retail investors, this list is primarily useful as a reference point for understanding how India's most globally recognised companies are perceived by international capital markets. For NRIs or global investors looking to gain exposure to Indian equities through US markets, ADRs offer a familiar, dollar-denominated route — though it's worth remembering that ADR pricing and domestic share pricing can diverge, and each carries its own considerations around taxation, currency risk, and liquidity.

FAQs

1. What is an ADR?

An ADR (American Depository Receipt) is a US-listed instrument representing shares of a foreign company, allowing US investors to trade that company's stock in dollar terms on American exchanges like NYSE or NASDAQ.

2. Which Indian companies are listed on both Indian and US stock markets?

HDFC Bank, ICICI Bank, Infosys, Wipro, Dr Reddy's Laboratories, and Yatra Online currently maintain dual listings across Indian and US exchanges.

3. Do ADR prices always match the domestic share price? No. ADR prices can diverge from domestic share prices due to currency fluctuations, differing trading hours, liquidity levels, and investor sentiment specific to each market.

4. Can Indian retail investors buy these ADRs directly? Y

es, through a US-registered broker or platforms that support international investing, though this typically involves additional considerations around currency conversion, remittance limits (LRS), and tax treatment.

5. Why do companies choose to list as ADRs instead of directly on a foreign exchange?

ADRs allow companies to access global capital and investor bases without the added complexity of directly complying with all listing requirements of the foreign exchange, since the depositary bank manages much of that process.

Disclaimer: This article is for informational and educational purposes only and should not be construed as investment advice or a recommendation to buy, sell, or hold any security. Investments in equities and ADRs are subject to market risk, currency risk, and price volatility. Investors are advised to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. JM Financial Services does not guarantee the accuracy or completeness of the information contained herein.