Hyundai Motor India Debuts Drearily on Stock Markets Despite Record IPO

Hyundai Motor India Ltd's shares debuted with little fanfare, listing with a discount over 1% from the issue price. Despite being India's largest-ever IPO, the stock struggled, reflecting market volatility. Institutional buyers drove the IPO's 2.37 times subscription, yet fresh investor sentiment remained tepid.

Shares of Hyundai Motor India Ltd, the Indian division of South Korean auto giant Hyundai, showed a lackluster debut with over 1% decrease in value from the issue price of Rs 1,960.

The stock opened at Rs 1,931 on the BSE, falling by 1.47% from the initial price, with further fluctuations seeing it hit Rs 1,968.80 before retreating to Rs 1,945.40. Opening at Rs 1,934 on the NSE, it declined 1.32%.

The IPO, entirely an Offer For Sale by promoter HMC, was subscribed 2.37 times owing to institutional interest, setting new records as India's largest IPO, even bigger than LIC's Rs 21,000 crore share sale.

(With inputs from agencies.)