Indian ADR Performance in the Past Year: IT and Banking Lag, US Tech Leads

Indian ADRs listed in the US mostly fell over the past year, led by technology names. Infosys and Wipro posted double-digit negative returns as IT demand stayed soft. By contrast, US technology majors such as Nvidia, Alphabet and Apple delivered gains over the same period.

A sharp drop in IBM shares added pressure on Indian IT ADRs. IBM fell 25.5% after second quarter results missed expectations. Banking ADRs also lagged, with HDFC Bank and ICICI Bank underperforming over the year. Investors showed weaker confidence in several India-linked listings.

There are six listed Indian ADRs. The table below summarises the broad past-year return picture. GoodReturns couldn't access the data for Tata Motors, which is listed on the NYSE.

Group	What happened over the past year
Indian IT ADRs (Infosys, Wipro)	Double-digit negative returns amid sector weakness and lower confidence
Indian bank ADRs (HDFC Bank, ICICI Bank)	Significant underperformance versus earlier expectations
Dr. Reddy's ADR	Moderately better than tech, but missed fourth quarter estimates
US tech majors (Nvidia, Alphabet, Apple)	Positive returns over the same period

Domestic returns were usually less negative than US ADR moves. This gap is common when the rupee weakens against the dollar. Trading hours, liquidity, and investor mood also vary by exchange. Some moves were brief, like talk of a US-Iran deal.

Dr. Reddy's faced added scrutiny after earnings and product updates. The company temporarily stopped commercial supplies of generic semaglutide due to an API issue. Torrent Pharmaceuticals also recalled select Semalix injection pen batches made by Dr. Reddy's. These events weighed on local shares too.

Within India, Tata Motors stood out as a positive performer, unlike limited ADR visibility. Overall, Wall Street pricing reflected global uncertainty and sector headwinds. Dalal Street trading showed mixed signals, supported by local participation and currency factors. The result was a split picture across venues for Indian ADRs.