This report is from this week's CNBC's"Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribeThe stock has pared back losses since, but is still 5% below its initial public offering price.
"It's not that the company needed money, so it's really the parent trying to take advantage of the valuation," said Gaurav Narain, principal advisor at the, which is listed on the London Stock Exchange. The ICG fund primarily invests in Indian small and mid-cap stocks and did not participate in the IPO., speculated the decision to list the Indian subsidiary could have been born out of a need for"a better valuation for their parent company in Korea.
If that wasn't sufficient, a number of investors and analysts suggest Hyundai priced the stock with minimal upside for a blockbuster IPO listing, a big turn-off for most retail investors."What the retail investor wants is a big discount," Narain added. "More importantly, customers are increasingly becoming aspirational and willing to pay more for attractive designs and high-tech features." Singh expects the stock to rise by about 32% from Thursday's close to 2,472 Indian rupees .
,"we have gone back to where the situation was in 2020 and we can say ... the disengagement process with China has been completed," Indian Foreign Minister Subrahmanyam Jaishankar said on Monday.The All India Consumer Products Distributors Federation, which represents around 40,000 fast moving consumer goods companies, asked India's antitrust authority to probe Zomato's Blinkit, Swiggy and Zepto forand launched a Hindi language model.