Would Loki have been punished at the end of the "Thor" movie had he not disappeared?
I am sure he will get punished after returning to Asgard (at the end of the Avengers movie), as he has been a lot more cruel in the second movie!
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At the end of Thor, Loki is seen falling into space. Post-credits, he is seen appearing in a SHIELD facility on Earth, covertly subverting SHIELD's research projects for his own ends to create a portal between worlds.
It's not clear if Loki is actually on Earth or not, as in the Avengers movie, he is shown as being beamed back to Earth by the Tesseract.
My suspicion is that Thor and Odin were unable to find or capture Loki in-between the events of the Thor and Avengers movies, and even if they had, punishment might have been "soft" because:
In the Avengers movie, on the other hand, he is indeed vastly more cruel, kills and maims people, and wages war on an entire planet. Way more cruel, and he's likely to be more severely punished.