Hyundai Motor India’s shares slide in debut after record IPO

Hyundai Motor India Ltd. had a lackluster debut on the Mumbai stock exchange, dropping almost 6% on its first day of trading. Despite concerns about the pricing of the IPO, the parent company, Hyundai Motor Co., sold a 17.5% stake in its Indian unit. Analysts noted that the valuation was high compared to its Korean parent but in line with Indian peers. Retail investors were hesitant due to the parent company receiving all IPO proceeds and cooling demand in India’s auto industry. However, institutions showed strong demand for the IPO. Overall, India’s growing economy presents long-term opportunities for automakers like Hyundai.