Mumbai, Oct 22 (IANS ) The shares of Hyundai Motor India, the company that launched the country's largest IPO, disappointed investors on the first day of listing on Tuesday as the stock closed at Rs 1,819 a piece, down 7.16 per cent.
After listing, a selling trend was seen in the stock. The shares of Hyundai Motor India were listed at Rs 1,931, down 1.47 per cent. However, the stock later saw a slight rise and briefly went above its issue price of Rs 1,960 to Rs 1,970 a piece, but the stock could not sustain at these levels and closed at Rs 1,819 with a loss of 7.16 per cent.
Shares of Hyundai Motor India made a low of Rs 1,807 during the day's trading.
During the trading session, the volume of Hyundai Motor India shares stood at 2.8 crore and turnover was Rs 5,404 crore. The company's market cap at the end of the day was Rs 1.49 lakh crore.
Hyundai Motor India's Rs 27,870 crore IPO had received a mixed response from investors. The IPO received more than double the subscription.
After Maruti Suzuki, Hyundai Motor India is the second largest car company in the country. The company's market share in June 2024 was around 14 per cent. In the financial year 2023-24, the company sold 7.77 lakh vehicles, of which 21 per cent were exported to countries like Latin America, Africa, the Middle East and Europe.
Hyundai Motor India has 1,366 sales outlets and 1,550 service outlets in the country.
Hyundai Motor India's revenue in FY 2023-24 was Rs 69,829 crore. During this period, the company made a profit of Rs 6,060 crore and the company's margin was 13.1 per cent. The company's revenue in the June quarter of financial year 2024-25 was Rs 17,344 crore. During this period, the company made a profit of Rs 1,489 crore and the margin was 13.5 per cent.