Hyundai Motor India's shares settle 7.1% lower than issue price on debut

Hyundai Motor India's $3.3 billion IPO saw shares close 7.1% lower despite being oversubscribed twice overall, with retail interest weaker than expected. The IPO valued Hyundai's Indian unit at $19 billion. Analysts cited high valuation and decreased urban consumer sentiment as factors. Proceeds will fund new products and R&D initiatives.