Shares of Hyundai Motor India dropped as much as 6% in their market debut on Tuesday, after a tepid response from retail investors to the pricing of the country’s largest ever initial public offering.

Hyundai Motor India's shares fell 2% in their market debut on Tuesday, after a tepid response from retail investors to the country's largest ever initial public offering.

Hyundai Motor India’s IPO raised $3.3 billion in the listing A key challenge for Hyundai in India would be to defend its position as the country’s No. 2 carmaker from rivals Tata Motors and Mahindra & Mahindra.