There are some differences between ADRs and GDRs. They are:
| ADRs | GDRs. |
| 1. ADRs enhance shareholders value. | 1. The enhancement of shareholders’ value by GDRs is not much. |
| 2. ADRs are more liquid. | 2. GDRs are less liquid. |
| 3. ADRs are listed in the **** stock exchanges. | 3. GDRs are listed in **** stock exchanges. |
