ADR desk

Five Indian companies are listed twice: here, and in New York as American Depositary Receipts. Mumbai closes at 3:30pm. New York closes ten hours later the same day. That makes the ADR the only public quote that exists for an Indian company after our market has shut.

The gap between the two, after adjusting for the ratio and the rupee, is what American buyers paid for the same shares overnight. The σ beside it shows how unusual that gap is, compared with the last sixty sessions.