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On the rating front, brokerages that maintained a buy said the order backlog is strong and that the automaker is on a gradual recovery to profitability.

The proposed rules may have several unintended consequences, some foreign portfolio investors (FPIs) led by foreign mutual funds and public asset managers have told Sebi in response to a consultation paper.

​​According to a circular issued by Sebi on Monday, the regulator has issued observation letters to companies such as Aether Industries, Syrma SGS Technology, Asianet Satellite Communications, Sanathan Textiles, Capillary Technologies, FabIndia, and Harsha Engineers International between April 25 and April 30.

Investors are watching to see what the U.S. Federal Reserve does as it accelerates efforts to curb inflation. The central bank is expected to raise short-term interest rates by double the usual amount when it releases its latest statement on Wednesday. It has already raised its key overnight rate once, for the first time since 2018, and Wall Street is expecting several big hikes in coming months.

​​Spot gold was down 0.1% at $1,861.80 per ounce, as of 0222 GMT. U.S. gold futures fell 0.2% to $1,860.00. "Gold will come under pressure directly from higher interest rates and also indirectly from a stronger U.S. dollar," said Michael McCarthy, chief strategy officer at Tiger Brokers, Australia.

About 59 million shares were allotted to anchor investors at Rs 949 each, the upper end of the price band for the IPO, said investment bankers. Canadian pension managers CPPIB and CDPQ, California University Endowment, Brookfield, Kuwait Investment Authority, Norges Bank Investment Management and GIC are among the foreign funds that made the investment, according to bankers.

Analysts said the issue, at the upper end of the price band of ₹902 to ₹949 per share, is priced attractively compared to listed private life insurers.

Foreign brokerage Nomura India pegs profit at Rs 683.40 crore, down 21 per cent YoY. It sees sales falling to 7,447.10 crore.

The move is part of a larger refinancing plan at the group, people close to the development said. Buying back the debentures will also aid in unlocking value during any potential monetisation of the asset, they said.