HDFC Bank and Wipro lure global investors, MTNL and Dish TV lose luster

The trading pattern in Indian companies with listed depositary receipts (DRs) such as ADRs (American) and GDRs (global) throws interesting trends. Global investors are willing to pay top dollars for good Indian companies. On the other hand, global investors seem uninterested in companies with questionable prospects even if they are available at a deep discount to their price of their underlying. 

For instance, shares of HDFC Bank ADR command a premium of 18 per cent to their underlying shares. The high premium is partly due to lack of investment legroom for foreign portfolio investors (FPIs) in the