Hyundai Motor India Ltd (HMIL) faced a rocky start on its trading debut, with shares dropping over 7% below the issue price. The stock closed at Rs 1,820, down Rs 140 from the IPO price of Rs 1,960, valuing the company at Rs 1.48 trillion.
Despite strong interest from institutional investors, retail demand lagged, resulting in only 2.4 times subscription for the Rs 27,870-crore IPO. This poor performance marks the fifth worst for a large IPO, joining other notable disappointments like Paytm and LIC.