The losses in Hyundai Motor India share price deepened further as the stock slipped another 2.7% in intraday trade on Friday, November 21, to ₹2,275 apiece, extending its decline for the second session.
The stock has come under severe selling pressure in recent weeks, having closed seven of the last nine weeks in the red, losing 18% of its value. From its all-time high of ₹2,890, it is currently down 21%, erasing most of the gains it accumulated in August and September.
From April to mid-September, the stock had enjoyed an almost one-way rally that drove a 71% surge in value, pushing valuations to premium levels compared with its peer group—an uptrend that proved unsustainable and eventually led to a sharp correction, especially given the company’s steady drop in domestic PV market share.
Though the company’s Q2FY26 performance came in higher than Street estimates, concerns over its shrinking share in India’s passenger vehicle (PV) market—slipping to 13.3% in H1FY26 from a peak of 17.5% in FY20—continued to weigh on the stock’s performance.
“Competitive landscape in PVs has changed meaningfully in recent years, as improved SUV portfolios of Mahindra & Mahindra Ltd and Tata Motors, the entry of Kia, and rising presence of Toyota have brought market shares of the top-two OEMs, Maruti Suzuki India Ltd and Hyundai Motor India, to 14- and 24-year lows, respectively,” said a 30 October report by Jefferies India.
In mid-October, the company held its first-ever investor day in India following its listing, outlining plans to increase its domestic market share to 15% by FY30 through a more aggressive launch calendar—with 26 new products planned by then—and a refreshed pricing strategy.
Management has guided for a 5.2% volume CAGR for the Indian passenger vehicle segment over the next five years, while Hyundai Motor India expects to outperform the industry with a 7% CAGR.
The company is targeting 1.5x revenue growth to over ₹1,000 billion by FY30F, compared with ₹692 billion in FY25, and aims to deliver an EBITDA margin of 11–14%. To support 26 new product launches, Hyundai plans to invest ₹450 billion during FY26F–30F and lift its market share to over 15% by FY30, versus 14.4% in 1HFY26.
Demand tailwinds from GST 2.0 could provide near-term support. Hyundai’s strong capabilities in hybrid and electric vehicle (EV) technologies and a continued shift toward higher-margin SUVs remain key positives.
However, rising operating costs from its new plant and intensifying competition in the EV segment present potential risks.
Break below ₹2,300 signals deeper downside, says analyst
Anshul Jain, Head of Research at Lakshmishree, noted that “Hyundai India is slipping below its daily flag pattern near ₹2,300, signaling weakness after a low-volume rally. Breakdowns typically don’t need heavy volumes, and the current price action fits that behavior well.”
He added that a sustained move or close below ₹2,300 could drag the stock toward the ₹2,050 zone, which he considers the first meaningful support. According to him, what makes the setup more bearish is the symmetry in the trend, the stock climbed on low volumes and is now declining on similarly weak activity, reflecting an absence of strong buyers and a structure that leans toward further downside.
“Until volumes shift or price reclaims key levels, caution is warranted,” Jain said.
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