Some major brokerages, however, see long-term value in the stock. Nomura started coverage of Hyundai with a "buy" rating and price target of 2,472 rupees. The brokerage said it liked Hyundai's high concentration of SUVs in the portfolio, which accounted for 67% of sales in the April-to-June 2024 quarter. Similarly, Macquarie analysts began coverage with an "outperform" rating and price target of 2,235 rupees, saying Hyundai's SUV-centric portfolio commanded a P/E premium. "We shall leverage our deep understanding of consumer preferences to successfully expand our passenger vehicle portfolio," Hyundai India's chief operating officer Tarun Garg said at the listing ceremony. Shares of Maruti and Tata Motors were down 1%, in line with the Nifty Auto index.