Indian ADRs on US Exchanges Show Mixed One-Year Trend Across IT and Banking Sectors

Indian ADRs on US exchanges have mostly lost ground over the past year. Technology names such as Infosys and Wipro delivered double-digit negative returns. Weak IT demand and softer investor confidence weighed on pricing. In contrast, Nvidia, Alphabet, and Apple posted positive returns over the same period.

Selling pressure increased after a sharp fall in IBM. IBM shares dropped 25.5% following worse-than-expected second quarter earnings. Indian IT ADRs then saw a quick sell-off. HDFC Bank and ICICI Bank ADRs also lagged during the year.

There are six listed Indian ADRs, spanning technology, banks, and pharmaceuticals. The broad one-year trend stays weak for most names. GoodReturns could not access return data for Tata Motors on the NYSE. The table summarises the one-year return direction described in the data.

Indian ADR	Sector	Past-year return trend (as described)
Infosys	IT services	Double-digit negative
Wipro	IT services	Double-digit negative
HDFC Bank	Banking	Underperformed
ICICI Bank	Banking	Underperformed
Dr. Reddy's	Pharmaceuticals	Moderately better than tech, but mixed
Tata Motors	Automobiles	US ADR data not available to GoodReturns

Indian ADR returns often look worse than domestic returns. A weaker rupee can reduce USD results for ADR holders. Trading hours differ across markets, which changes reactions to news. Liquidity also varies, and investor mood can shift by exchange. These factors can widen gaps even with stable earnings.

Some moves came from sudden global headlines, including talk of a possible US-Iran deal. Over time, however, many ADR prices still drifted lower despite broadly steady results. Dr. Reddy's held up better than the IT ADRs, yet fourth quarter earnings missed estimates.

In India, Dr. Reddy's shares also weakened after supply and recall-related updates. The company temporarily paused commercial supplies of generic semaglutide due to an API issue. Separately, Torrent Pharmaceuticals voluntarily recalled select batches of Semalix injection pens manufactured by Dr. Reddy's.

Tata Motors stood out as a positive performer in India, even as ADR visibility stayed limited. Overall, Wall Street priced in more uncertainty and sector pressure for Indian ADRs. Dalal Street reflected more mixed signals, helped by currency moves and local investor conviction. The result was a clearer gap between US listings and domestic outcomes.