A bumpy ride: Hyundai Motor India's listing could be an indicator

The festival season often sees retail investors pulling back from the stock market as they become more focused on consumption rather than investment

The initial public offering (IPO) of Hyundai Motor India Ltd (HMIL) proved to be a disappointment for primary-market bulls, who have been enjoying an extraordinary run of listing gains for the past two years. The stock listed at a small discount to the IPO price of Rs 1,960 and fell further to close the first session at Rs 1,811 on the National Stock Exchange. This is in contrast to a situation where the average IPO has been listing with high double-digit or triple-digit gains. Indeed, the HMIL listing may indicate sentiment has normalised from the exuberant bullishness