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

The stock fell 34% when trading commenced but recovered to close at 1,819.6 rupees, down 7.16% from its IPO price, on the first day of trading in Mumbai. The company’s IPO was priced at 1,960 rupees a share, at the top end of its marketed range. Shares of parent company Hyundai Motor edged down about 1% in South Korea.

Hyundai Motor had a lacklustre Indian market debut on Tuesday after raising $3.3 billion in the country's biggest-ever initial public offering, with shares down nearly five percent from their issue