Indian Companies - U.S. listings

The index covers a range of Indian companies quoted on US exchanges (including the OTC market)

The list is surprisingly short and  the small number of companies accessible to U.S. investors should not be considered representative

Indian conglomerates with global reach such as Reliance Industries,  Tata Steel orTata Power can only be accessed on India's stock markets

The index includes companies of vastly different size but major Indian firms should be highlighted

• infotech giants - Wipro & Infosys  
• banking conglomerates - HDFC Bank , ICICI Bank  and State Bank of India  
• engineering & construction giant - Larsen & Toubro  -  
• automotive conglomerate - Mahindra & Mahindra -  
• pharmaceuticals - Dr Reddy's Laboratories -  

Performance and risk ratios of the selection are updated every day but with low trading volume on US OTC markets for some of the listed shares, volatility and drawdown calculations wiill be irrelevant- these ratios will not necessarily reflect true volatility and drawdown as these same shares are normally traded on their national exchange

Because, for lack of trading data, volatility and performance ratios are unavailable, 40 Indian companies with OTC tickers have not been included in our Index

Micro-cap Azure Power Global  has not been included because of excessive volatility related to a poor trading record

Reliance Infrastructure  is not supported on OTC market and will be deleted from the selection

Business processor WNS Holdings has accepted a buy-out offer from French CapGemini in July 2025 and will leave the selection when the transaction is finalized

iShares MSCI India ETF , with 165 constituents almost exclusively listed on the Indian stock markets,  is the benchmark of the selection