Hyundai Motor India shares fall 3% after lackluster stock market debut

October 22, 2024

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October 22, 2024 0 comment

Oct 22, 2024 10:49 AM IST

Hyundai Motor India’s stock debuted below its issue price, opening at ₹1,931 on BSE and ₹1,934 on NSE.

Hyundai Motor India Limited (HMIL) experienced a disappointing debut on the stock market on Tuesday, with shares listing below their issue price.

1,960. The IPO raised ₹27,870.16 crores, but weak market sentiment and no expansion funding contributed to its disappointing performance.” title=”Hyundai Motor India had a lackluster stock market debut, with shares listed below the issue price of ₹1,960. The IPO raised ₹27,870.16 crores, but weak market sentiment and no expansion funding contributed to its disappointing performance.”>

Hyundai Motor India had a lackluster stock market debut, with shares listed below the issue price of ₹1,960. The IPO raised ₹27,870.16 crores, but weak market sentiment and no expansion funding contributed to its disappointing performance.

The stock opened at ₹1,931 on the Bombay Stock Exchange (BSE), lower than the issue price of ₹1,960, reflecting a decline of 1.5 per cent. On the National Stock Exchange (NSE), shares listed at ₹1,934. Following the initial trading, Hyundai’s share price further fell 3 per cent.

The initial public offering (IPO) of India’s largest IPO Hyundai Motor India raised ₹27,870.16 crores through an offer for sale of 14.22 crore shares.

The IPO’s pricing range was set between ₹1,865 and ₹1,960 per share, with the final issue price settled at the higher end of the band, ₹1,960. The subscription period for the IPO was open from October 15 to October 17.

Hyundai Motor India’s shares were allotted to successful bidders on October 18, followed by credit to demat accounts on October 21. The company’s shares began trading on October 22, 2024, across both BSE and NSE.

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd., said, “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.”

She added, “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.”

Despite Hyundai’s strong market presence and robust financial performance, several factors may have contributed to the weak debut.

The broader market sentiment has been volatile, with investors showing caution toward new listings due to uncertainties in the global economy and the Indian market.

Additionally, since the IPO was structured as an offer for sale, the proceeds of the IPO did not contribute to business expansion, which may have impacted investor sentiment.

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Hyundai Motor India’s stock debuted below its issue price, opening at ₹1,931 on BSE and ₹1,934 on NSE.

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Copyright 2024 - All Rights Reserved - Janashakti.News

Hyundai Motor India shares fall 3% after lackluster stock market debut

Hyundai Motor India’s stock debuted below its issue price, opening at ₹1,931 on BSE and ₹1,934 on NSE.

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