Hyundai Motor India's IPO: A Bumpy Debut on the Stock Market

Hyundai Motor India Ltd debuted on the stock market as the fifth most valuable auto firm by market valuation. However, shares began at Rs 1,931 and ended the day at Rs 1,820.40, a 7.12% fall. The IPO, the biggest in India, attracted interest despite the initial losses.

Hyundai Motor India Ltd marked its entry into the Indian stock market as the fifth most valuable auto company by market capitalisation, even though its shares took a tumble upon debut. The listing price was set at Rs 1,931, down by 1.47% from its issue price.

Throughout the day, Hyundai shares witnessed a deeper slump of 7.80%, closing finally at Rs 1,820.40 apiece, reflecting a 7.12% decline in the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), the stock closed at Rs 1,819.60, showcasing a drop of 7.16%.

Despite the lacklustre debut, automotive analysts, including Shivani Nyati from Swastika Investmart Ltd, remain optimistic about Hyundai's prospects, citing its position as India's second-largest passenger vehicle manufacturer and strategic focus on SUVs. Hyundai's was the largest IPO in India, surpassing LIC's IPO record and attracted substantial investor interest, largely from institutional buyers.

(With inputs from agencies.)