Hyundai Motor India Ltd., India's largest IPO by size to date, saw its shares fall on Monday, March 10, after the company announced that it is seeking shareholder approval for seven material related party transactions.

E-voting for seven related party transactions worth ₹31,526 crore is scheduled for Wednesday and Thursday, March 12-13.

Stakeholder Empowerment Services (SES) has voted against six of the seven transactions. It claimed that proper scrutiny is not conducted to allow shareholders to make informed decisions. Furthermore, the company has not made any proper disclosures regarding these seven transactions.

On the other hand, Investor Advisory Services (IiAS) has voted in favor of all seven transactions. 

It stated that the proposed transactions are being conducted at arms-length pricing and are in the ordinary course of business. It also expects Hyundai to provide specific details about the reasoning behind certain transactions.

"We are aware of the SES recommendations, and we believe this is an isolated opinion. Another reputable proxy advisory firm, IiAS, has expressed a contrary opinion to SES's recommendations, favoring all seven resolutions and giving a clear thumbs up. Our commitment to the highest standards of corporate governance remains unwavering, and we will continue to protect the interests of all stakeholders," a Hyundai Motor India spokesperson said.

Out of 19 analysts who cover Hyundai Motor India, 16 have a "buy" rating, one has a "hold" rating, and one has a "sell" rating on the stock.

Hyundai Motor India shares are down 1.55% on Monday, trading at ₹1,688.8. The stock has dropped further from its IPO price of ₹1,960.