Hyundai Motor Group Executive chair Euisun Chung was there at the listing ceremony and said that this IPO of its Indian arm increases the commitment to the Indian market. He also said that the IPO shows that HMIL is a key part of India.

Shares of Hyundai Motor India dropped as much as 6% in their market debut on Tuesday, after a tepid response from retail investors to the pricing of the country’s largest ever initial public offering.

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.