On Wednesday, the Hyundai shares saw a 5.1% dip. This happened for the third day in a row, making the car manufacturer lose nearly 7% in three sessions, bringing it down to Rs. 1,713.25 apiece on the BSE.
The reason behind this plunge in the second quarter was due to weak demand and high discounts. Motilal Oswal has a “Buy” rating on Hyundai Motors India shares at Rs. 2,235.
Nomura Brokerage stated that Hyundai’s EBITDA was in line with their estimates, and the discounts were held within a tough environment. They emphasised a “Buy” rating and raised the target price by 26.54% to Rs 2,472.
The brokerage firm MOFSL believes that the financial year 2025 will most likely be a moderate year for passenger vehicles in India. It also projected that Hyundai Motor India might report an 8% volume CAGR over a period of the next two years.
Last month, Hyundai Motor India made a stock market debut with a listing of Rs. 1,934 on the NSE, which was 1.3% less than the issued price of Rs. 1,960. Since then, the company’s shares have fallen more than 12.5% from the IPO price.