Hyundai Motor India shares made a weak stock market debut on Tuesday, October 22 as the stock opened for trading at Rs 1,931 on the BSE, marking a decline of 1.47 per cent from the Initial Public Offering (IPO) price of Rs 1,960. On the National Stock Exchange, Hyundai Motor India shares opened for trading at Rs 1,934, marking a decline of 1.32 per cent.

Hyundai Motor India raised Rs 27,870 crore from the share sale via IPO which was India’s biggest IPO on record after the Life Insurance Corporation (LIC) raised Rs 21,008 crore in 2022.

Hyundai Motor India’s IPO saw a mixed response from investors as portion reserved for large investors, which fall under the category of Qualified Institutional Buyers, was booked 7 times while pies set aside for retail and non-institutional investors was booked 60 per cent and 50 per cent respectively.

“Despite the discounted listing, Hyundai Motor India’s strong fundamentals, being the second-largest passenger vehicle manufacturer in India and its strategic focus on the SUV segment, continue to support its long-term growth prospects. Investors who entered with a long-term perspective may consider holding the stock, as future performance will likely be driven by the company’s competitive market position and product innovations,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

After a weak listing, Hyundai Motor India shares continued on their downward journey as the stock fell as much as 6 per cent from the IPO price to hit an intraday low of Rs 1,844 by 10:21 am on the National Stock Exchange.