Hyundai Motor India made a tepid trading debut after the biggest-ever listing in the South Asian country, a sign that investors are becoming more selective about new offerings amid a buoyant stock market.

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 is India's No. 2 carmaker with a 15% market share. Its record $3.3 billion IPO was oversubscribed more than two-fold last week, led largely by institutional investors, but pricing concerns deterred retail participation.