Hyundai Motor India shares fell nearly 7% on their trading debut Tuesday after a record $3.3 billion initial public offering.

By Nandan Mandayam and Dhwani Pandya BENGALURU/MUMBAI (Reuters) -Hyundai Motor India shares fell as much as 7.6% in their market debut on Tuesday after a tepid response from retail investors to the country's largest initial public offering on concerns the price was set too high and an auto industry slowdown.

State-run Life Insurance Corp. of India saw its shares drop almost 8% in May 2022 after what was then a record local IPO. Similarly, One 97 Communications Ltd., the operator of digital-payments provider Paytm, witnessed a stock slump of more than 25% on its debut in November 2021.