ADR desk

Five Indian companies are listed twice: here, and in New York as American Depositary Receipts. The Bombay close is struck at 3:30pm; the New York close 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 — and the gap between the two, once the depositary ratio and the rupee are taken out, is what American money paid for the same shares overnight.