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Outflows caused by Hyundai Motor routing funds to its parent in South Korea after the IPO also put pressure on the rupee, dealers said. The automaker is listing its stock in the biggest-ever IPO in the country - and the biggest initial share sale in the world in 2024.
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As of Monday evening, the unofficial grey market premium (GMP) - the price over the IPO price in the unofficial market that investors pay for the shares before listing - of Hyundai bounced to 90, or 5% of the IPO price of 1,960. It had fallen to a discount of 30 on Friday.
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Kotak Mahindra Bank dived 4.7% and RBL Bank plunged 13.8%. HDFC Bank shares advanced 2.6%, emerging as sole gainer in Bank Nifty index, which shed 0.3%. Benchmark Nifty ended 0.3% lower at 24,781 in choppy trades.
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