Hyundai India shares down 7.1% in debut after $3.3bn IPO

Fall tracks auto sector slump but some analysts see long-term growth for company

20241022 hyundai listed

Chairman Chung Eui-sun, center, celebrates the listing of Hyundai Motor Group's Indian unit on Oct. 22. (Photo by Takanori Okabe)

SOUMYAJIT SAHA, Nikkei staff writer

MUMBAI -- Hyundai Motor India shares fell 7.1% on their debut on the Indian bourses on Tuesday, after the company raised $3.3 billion in the nation's biggest IPO and the second-largest globally this year.

The automaker's $3.3 billion initial public offering was oversubscribed more than 2.3 times on Thursday, driven by enthusiastic bidding by qualified institutional investors.

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