MOHAMMAD ZIYAUDDIN
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Hyundai Motor India listing: Hyundai Motor India Limited (HMIL) on Tuesday became the fifth most valuable automobile company in the country in terms of market valuation on the day of its listing on the stock market. Shares of HMIL, the Indian unit of the South Korean automobile manufacturer, were listed on the BSE at Rs 1,931, down 1.47 percent from the issue price of Rs 1,960.
The company's stock fell 7.80 percent to Rs 1,807.05 during trading and finally closed at Rs 1,820.40, down 7.12 percent. With this, the market valuation of Hyundai Motor India reached Rs 1,47,914.98 crore. The company's stock closed at Rs 1,819.60, down 7.16 percent on the NSE.
Maruti Suzuki India is the most valuable automobile company in the country with a market capitalization of Rs 3,74,796.16 crore. Mahindra & Mahindra is in second place with a valuation of Rs 3,58,583.97 crore. It is followed by Tata Motors (Rs 3,23,669.61 crore), Bajaj Auto (Rs 2,89,274.58 crore), and Hyundai Motor India (Rs 1,47,914.98 crore).
Hyundai Motor India had come up with the country's largest IPO but did not get a very positive response from the market. The price range of Rs 1,865-1,960 per share was fixed for the IPO of about Rs 27,870 crore.
Shivani Nyati, Head - of Property Division, Swastika Investment Ltd said, "Despite listing at a lower price than the issue price, the company's strong fundamentals continue to support its long-term growth prospects."
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