Hyundai Motors Share Price Rises For Third Session Despite Lock-In Expiry

Hyundai Motor India Ltd.'s shares rose on Thursday, the end date of its lock-in period, as anchor investors can now offload their stake. The company, which is a part of Korea's Hyundai Motor Group, made its debut on the Indian exchanges in October 2024.

Hyundai Motor India had raised approximately Rs 8,315 crore from anchor investors, before its record initial public offering, allotting 4.24 crore shares at Rs 1,960 apiece to 225 anchor investors.

New World Fund Inc. secured the highest allocation with a 9.29% stake. SBI Life Insurance Co., Government Pension Fund Global, and HDFC Life Insurance Co. received the second-highest allotment of 3.21% equity, while HSBC Kotak Flexi Cap Fund got a 2.38% stake in the company.

The first lock-in period for 50% of anchors' stake ended in Nov. 17 and the remainder ends on Thursday.

The scrip rose as much as 1.2% to Rs 1,818.50 apiece, the highest level since Jan. 8. It pared gains to trade 0.9% higher at Rs 1,811.70 apiece, as of 10:26 a.m. This compares to a 0.4% advance in the NSE Nifty 50.

The relative strength index was at 51.78.

Out of 17 analysts tracking the company, 14 maintain a 'buy' rating, and three suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 17.8%.