Tata Motors one of many as India Inc turns averse to ADRs and GDRs

Apart from HDFC Bank, no other Indian firm has raised capital via these routes since 2017

Indian companies no longer fancy raising equity capital from overseas markets. Furthermore, they are unwinding their existing overseas listing programmes.

Tata Motors on Monday was delisted from the New York Stock Exchange. The company joined a clutch of other Indian firms to have terminated its American depositary receipt (ADR) or global depositary receipt (GDR).

Some of these companies include Subex, Apollo Hospitals, Ashok Leyland, and Orchid Pharma.

Except for HDFC Bank (which raised $1.8 billion in 2018), no other Indian firm has raised capital via ADR/GDR since 2017, according to PRIME Database.

The deepening of the domestic equity capital market,