The stock fell 34% when trading commenced but recovered to close at 1,819.6 rupees, down 7.16% from its IPO price, on the first day of trading in Mumbai. The company’s IPO was priced at 1,960 rupees a share, at the top end of its marketed range. Shares of parent company Hyundai Motor edged down about 1% in South Korea.

Hyundai Motor India’s IPO raised $3.3 billion in the listing A key challenge for Hyundai in India would be to defend its position as the country’s No. 2 carmaker from rivals Tata Motors and Mahindra & Mahindra.

Hyundai Motor India shares fell 7% on their trading debut Tuesday after a record $3.3 billion initial public offering.

Hyundai has cemented its commitment to the Indian market by debuting the largest IPO ever valued at Rs 27,870 crore

The South Korean automaker’s Indian affiliate a made a tepid trading debut after the biggest-ever listing in India.

Hyundai India's $3.3 billion IPO was subscribed in 42% on the second day of bidding on Wednesday, led mostly by employees, who were offered shares at a discount and already oversubscribed their part of the offer.

Hyundai Motor India share price climbed 5% today, rebounding after a weak IPO debut. A host of brokerages have bullish calls on the newly-listed automaker.