Hyundai Motor India’s shares fell 2% in their market debut on Tuesday, after a tepid response from retail investors to the country’s largest ever initial public offering.

The stock listed at 1,934 rupees ($23) on India’s National Stock Exchange, compared to its issue price of 1,960 rupees ($23.31), and was last trading down 2% at 1,920 rupees ($22.84) at 0431 GMT (12:31 a.m. ET).

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.

Tuesday’s listing in Mumbai is Hyundai Motor’s first such debut outside its home market of South Korea and comes at a time when India’s equity markets have risen sharply.

The two-biggest IPOs prior to Hyundai India – Life Insurance Corporation and Paytm parent One97 communications – both listed at a steep discount.

While Hyundai’s market valuation is much smaller than Indian market leader Maruti Suzuki’s $48 billion, analysts have expressed concerns over the narrower gap when valued by their price-to-earnings ratios.

The issue had valued Hyundai at 26 times its fiscal 2024 earnings, not far off the 29 times multiple for market leader Maruti.

Hyundai counts India as a crucial growth market where it has two manufacturing units and has invested $5 billion, with commitments to pump in another $4 billion over the next decade. The world’s biggest car market after China and the United States is the company’s third-biggest revenue generator globally.

An Italian surfer has died after being impaled in the chest by a sharp-billed fish while surfing off Indonesia’s West Sumatra coast.

Giulia Manfrini, 36, had been surfing in the Mentawai Islands, a remote island chain when she suffered a “freak accident,” said her business partner James Colston.

“Unfortunately, even with the brave efforts of her partner, local resort staff and doctors, Giulia couldn’t be saved,” Colston said Sunday in a statement on Instagram. “We believe she died doing what she loved, in a place that she loved.”

Lahmudin Siregar, acting head of the Mentawai Islands disaster management agency, said Manfrini was struck in the chest by a swordfish while surfing off the southern part of Siberut Island around 9:30 a.m. local time, according to state-news agency Antara.

According to a medical report, she suffered a stab wound to the upper left chest with a depth of about five centimeters, the agency said.

Together Colston and Manfrini founded travel company AWAVE Travel, which organized trips to popular surfing destinations, including the Mentawai Islands.

Hidden Bay Resort Mentawais said in an Instagram post that their “client and friend” had been “hit in the chest by a needlefish and died almost immediately.”

Both needlefish and swordfish have long, sharp bills and can jump out of the water. While their physical features can be dangerous to humans, fatalities are incredibly rare.

Two witnesses were nearby when the accident occurred and provided first aid. They rushed her to the Pei Pei Pasakiat Taileleu health center, but her life could not be saved, Antara reported citing Siberut police.

The mayor of Venaria Reale, a town near Turin in northern Italy, where Manfrini’s family lives, expressed his condolences to those who knew her.

“The news of her death has left us shocked and makes us feel powerless in front of the tragedy that took her life so prematurely,” Fabio Giulivi said in a statement. “To mum Chiara, dad Giorgio and all the people who loved her, a touched hug from me and the whole City.”

According to the AWAVE Travel website, Manfrini was a former professional snowboarder who had a passion for surfing that “led her all over the world to chase waves.”

“Giulia couldn’t travel without people falling in love with her smile, laugh and endless Stoke,” Colston, the agency’s co-founder, wrote.

“We love you Giulia. I am so sorry to say goodbye.”

India and China have reached an agreement on military disengagement along their disputed border, New Delhi said, a step toward reducing frictions between the nuclear-armed neighbors that comes as both countries’ leaders arrive in Russia for a summit.

India’s foreign minister Subrahmanyam Jaishankar on Monday said the agreement on military patrolling in certain areas brought the situation back to where it was in 2020 prior to a deadly border clash that year, thus completing the “disengagement process” with China.

Beijing later confirmed on Tuesday that the two sides had “reached a solution” following “close communication on relevant issues of the China-India border through diplomatic and military channels.”

The announcement has been widely seen as setting the stage for potential talks between Chinese leader Xi Jinping and Indian Prime Minister Narendra Modi, who each headed Tuesday to Kazan in southwestern Russia for a summit of BRICS nations.

Both foreign ministries declined to comment on whether the two leaders would hold formal one-on-one talks in Kazan.

Neither side released full details of the agreement or details of how it would be carried out in the contentious, high-altitude region that has long been a source of friction between New Delhi and Beijing.

Both India and China maintain a significant military presence along their 2,100-mile (3,379-kilometer) de facto border, known as the Line of Actual Control (LAC), which has never been clearly defined and has remained a source of friction since a bloody war between the two countries in 1962.

The clash four years ago along the disputed border between Indian Ladakh and Chinese-controlled Aksai Chin brought the first known fatalities in more than four decades – with at least 20 Indian and four Chinese soldiers killed.

In a rare face-to-face meeting at last year’s BRICS summit in Johannesburg, Xi and Modi agreed to “intensify efforts” to deescalate tensions at the contested border.Chinese and Indian negotiators held the 31st round of border talks in late August.

While an agreement on further disengagement on the border appears poised to be a significant step in what has been a sore point among other frictions in the China-India relationship, observers said more details were needed to understand the scope of the arrangement and what concessions may have been made.

‘A positive development’

The violence in 2020 was followed by a process of disengagement and border talks, but friction points have remained, including areas where both sides previously patrolled but have since become so-called buffer zones.

Within India, the situation had also raised questions over whether the Chinese People’s Liberation Army (PLA) was using the buffer zones to further push back the areas within which Indian forces can patrol. India’s Ministry of Defense has previously denied the loss of any territory during the standoff.

Speaking about the new agreement at an event hosted by Indian broadcaster NDTV Monday, India’s Minister of External Affairs described how after the 2020 clash the two sides had “blocked” each other in certain areas.

“What has happened is, we have reached an understanding which will allow the patrolling … the understanding, to my knowledge, is that we will be able to do the patrolling which we were doing in 2020,” Jaishankar said.

“It is a positive development. I would say it is a product of a very patient and very persevering diplomacy,” he said, adding that the consequences of the agreement on the two nations’ relationship had yet to be seen.

Chinese Foreign Ministry spokesperson Lin Jian on Tuesday said Beijing “positively evaluates” the “solution” reached and would “work with India to implement the above solution,” without providing further details. Lin’s comments were made during a regularly scheduled media briefing.

It’s not clear why the two sides did not release a joint statement on the issue, and observers say the governments need to release more details of the arrangement before it can be fully evaluated.

Manoj Kewalramani, who heads Indo-Pacific studies at the Takshashila Institution research center in the Indian city of Bangalore, said a restoration of patrolling rights would be a “significant starting point” for normalization.

However, even with that restoration, there are other steps that would need to be taken in a long process along the disputed border.

“There are many other issues of de-induction and de-mobilization of troops on both sides; infrastructure that has been built, etc. These issues will take time,” he said.

The sun blisters the arid ground in Karnal, a district in India’s northern Haryana state, where empty houses stand testament to an acute problem that’s driving some residents to take unimaginable risks.

There are no jobs here, so young educated locals who dream of a better life are paying thousands of dollars to flee the world’s fastest growing major economy for the United States.

“It is the donkey way,” said law student Ankit Chaudhary. “It is a route which is going through many of the countries and then we will jump the wall of the USA.”

But he lost his money and the opportunity to flee when his agent was raided.

The risky journey is part of a worrying new trend in the country of 1.4 billion people, and one that could strain ties between the India and the US, where illegal immigration remains a key issue ahead of November’s presidential vote.

In just four years, the number of Indian citizens illegally entering the US has surged dramatically — from 8,027 in the 2018 to 2019 fiscal year to 96,917 during 2022 to 2023 period, government data showed.

Recent Pew research found that as of 2022, Indians made up the third-largest group of undocumented migrants in the US, behind people from Mexico and El Salvador.

The numbers speak to the desperation faced by Indians in the world’s largest democracy and stand in stark contrast to the powerful and robust image that Indian Prime Minister Narendra Modi is trying to project on the world stage. He’s aiming to turn the world’s most populous nation into a global superpower by 2047.

“Viskit Bharat (Developed India) is a nation where no one is too small to dream and no dream is too big to achieve,” Modi said in May. “Viksit Bharat is a nation where social circumstances or birth do not limit anyone’s growth. Everyone, no matter who they are, can aspire to reach the heights of success.”

But not everyone is convinced the dream is real.

Chaudhary is planning to apply for a US visa, but if that fails, he says he will have no choice but to take the dangerous illegal route out.

“People have no source of income, no government jobs. Some people are (hungry),” Chaudhary said. “I have no other option but to migrate.”

Too few jobs

There were no young people in sight. Instead, elderly men sat on the stoops outside some homes, smoking hookahs and shuffling cards.

The homes of parents whose children have settled abroad were easily identifiable; swanky bungalows with SUVs parked outside and tractors that had the American flag painted on them, bought with funds sent back home.

During the fiscal year from 2022 to 2023, the unemployment rate of people aged 15 and above in Haryana state stood at 6.1%, according to data released by India’s Ministry of Labour and Employment, nearly double the national average for the same period.

But for people age 15 to 24, the number was significantly higher – 45.4% across the country in the same year. Official unemployment rates in developing countries tend to be low because very few people can afford to be unemployed for long, so they take whatever work they can find, however inadequate.

“He was thinking about it for a long time,” Kumar said. “(There are) no jobs here … he wanted to go there and make money so the family could be happy.”

The family borrowed $30,000 from relatives and friends to pay an agent to smuggle Malkeet into the US via the now infamous “donkey route,” his brother said.

They said it involved taking a flight out of New Delhi and flying via countries with relatively favorable visa requirements, before landing in Latin America, if they are entering via the southern US border.

There, the migrants meet smugglers who then guide them through treacherous jungles to the US-Mexico border, where they wait to be picked up by border enforcement agents and request asylum. When asked, many have been trained to say they do not feel safe in India and that their lives are in danger, the families said.

Malkeet left India in February, first flying to Dubai before continuing to Almaty, Kazakhstan, according to his family. From there, he traveled to Turkey, where he transited in Istanbul airport for 24 hours, before boarding a plane to Panama City and then San Salvador.

There, he met with a smuggler and disconnected his phone before embarking on the toughest, most strenuous leg of the journey: north, towards Guatemala.    

India’s population paradox

With an average age of 29 years, India has one of the world’s youngest populations, but the country is not yet able to reap the potential economic benefits of its young workers.

According to a March report by the International Labour Organization, educated Indians between the ages of 15 and 29 are more likely to be unemployed than those without any schooling, reflecting “a mismatch with their aspirations and available jobs.”

“The Indian economy has not been able to create enough remunerative jobs in the non-farm sectors for new educated youth labour force entrants, which is reflected in the high and increasing unemployment rate,” the report said.

Lawyer Muzaffar Chishti, director at the Migration Policy Institute in New York, said “push factors like these are what matter in the decision for people to make the journey.”

Chishti, who has been watching illegal immigration trends into the US, said: “If these young men and women know that there is a good chance, even a 50% chance that they will get into the US … that is a magnet.”

Until a recent Biden Administration crackdown on the border, there was reason to believe that embarking on the trip could bring success.

Many who have attempted the journey have vlogged about it, amassing tens of thousands of views on YouTube, Instagram and TikTok, all while selling the idea of “the American Dream.”

Ankush Malik, whose YouTube channel has close to 60,000 subscribers, is among those who have successfully crossed into the US via Mexico. He now works as a truck driver and often flaunts his wealth to his fans, boasting of buying $95 perfume, living in a large house and visiting multiple cities as a trucker.

But not every video paints a rosy picture.

Malik documented his entire journey from Haryana to the US, flying via Qatar and Amsterdam, before reaching Panama to begin his jungle trek. In one of the videos, the men appear weak and tired, dripping in sweat, with bug bites on their legs and arms, while staying on the lookout for other critters as they stop to rest for the night.

One of the migrants looks at the camera with sullen eyes and a rugged beard. Pale and hungry, he says: “10 lakh rupees ($12,000) has gone to waste. They’ve made a donkey out of us.”

Claiming asylum

If they make it to the US, the migrants’ unpredictable journey begins to follow a typical routine as they wait for Customs and Border Protection officers to pick them up, according to Chishti.

“The customs official first must determine whether the person is in physical danger or not. Whether they’re malnourished or not,” he said.

“They give them a bottle of water. At that point, the person (who just crossed into the US) says ‘I’m here to seek asylum.’”

According to US law, if someone claims asylum, they must be given a hearing to make their case. While they wait, the customs official takes them to a processing facility, where they’re given a medical screening. Security checks are conducted, and the migrants are interviewed.

Following the screening, the official decides whether to consider their asylum application, which could take years to process.

While in the US, asylum applicants can apply for employment authorization and must wait at least 180 days for a work permit.

In 2023, 46% of asylum claims from Indian nationals were approved, according to the Justice Department.

Earlier this summer the Biden Administration issued an executive order largely barring migrants from seeking asylum at the US southern border and levying harsh consequences on those illegally crossing.

US Border Patrol have since reported a dramatic drop in illegal cross border traffic. In September, Border Patrol officers reported around 54,000 encounters, the lowest number recorded since 2020.

But contrary to his claims, US authorities found he faced no persecution in India, and he was eventually sent home.

The man wanted to remain anonymous as he is attempting to make the trip yet again. “I don’t earn enough while farming here,” he said.

An agent from Haryana, who did not want to be named for legal reasons, said he has sent between 150 to 200 people via the “donkey route” to the US.

But this month, the agent said conditions for migrants had changed dramatically.

“There has been an increase in the number of people being deported for certain,” he said. “This has caused fear in those going illegally and the agents involved in the donkey route.” 

The agent said he has completely stopped his work.

“Most people are now holding off going to the United States via donkey,” the second agent said. “They do not want to spend thousands of dollars for nothing.”

As he campaigns for a return to the White House, Trump has made clear his views on immigration, blaming migrants for everything from rising crime to eating people’s pets.

“Our country is being lost, we’re a failing nation,” Trump said in September’s presidential debate with Democratic nominee Kamala Harris.

“In my opinion the donkey route will never completely stop,” said the first agent.

“Even earlier during Trump’s time, we sent people. There will be newer routes, networks, and ways one may have to devise to get there.”

‘It has become do or die’

Kumar waited anxiously at home in India as his brother Malkeet embarked on the donkey route from India last year.

Malkeet sent images of his plane tickets and selfie videos along the way before setting off on the riskiest leg, the trek north through Guatemala.

Kumar had hoped for news that his brother had made it. Instead, he received videos that confirmed he hadn’t.

“We got videos (of his dead body) via many WhatsApp groups. Someone showed it to us and asked if it was my brother and we identified him,” Kumar said.

The family learned Malkeet had been shot and killed by criminals on a riverbank on the El Salvador-Guatemala border.

Malkeet’s body was returned to them nearly five months later.

“It is impossible to fill the loss of my brother,” said Kumar, who now toils on his family’s fields alone.

But despite the tragedy, people remain undeterred. Kumar says young people in his village still dream of smuggling themselves somewhere overseas

“People here know they will die from unemployment, so they think it is better to go and take the risk,” he said. “For people here it has become do or die.”