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Nykaa hits 52 week low. New block deal sell off highlighted. CFO resigned.

sitemanager by sitemanager
December 19, 2022
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Shares of Nykaa’s parent company FSN E-Commerce Ventures are witnessing a sharp decline on Monday. The company’s scrip fell 4.20% to hit an all-time low of Rs 161.90 in intra-day trade.

The beauty e-retailer’s stock declined below its previous low of Rs 162.91 touched on October 28, 2022. In comparison, the S&P BSE Sensex was up 0.45 per cent at 61,612.

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Know about the block deal

Nykaa’s share price declined 5 per cent in the last two trading days after Kravis Investment Partners II sold 36.7 million shares of the company at a price of Rs 171 per share, according to BSE exchange data. On Thursday, 15 December 2022, large investors belonging to FPI and DII category bought fresh stake in Nykaa. Goldman Sachs, Mirae Asset Mutual Fund, ICICI Prudential Life Insurance Company and Canada Pension Plan Investment Board bought stake in FSN E-Commerce Ventures, according to BSE block deal details.

 

CFO resigned last month

Meanwhile, the stock has lost 16 per cent in the last one month after the company’s Chief Financial Officer (CFO) Arvind Agarwal resigned. Nykaa said in a regulatory filing on November 22 that Agarwal had resigned from his role on November 25. On the same day, private equity firm Lighthouse India sold 18.44 million equity shares of the company for Rs 336 crore through a block deal. Data shows that domestic mutual funds including Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, ICICI Prudential Mutual Fund and foreign portfolio investors such as BofA Securities, BNP Paribas Arbitrage and Societe Generale were buyers through the block deal.

 

IPO came last year

Let us tell you that Nykaa’s IPO came in November last year. In the last one year, Nykaa has lost 54 per cent in its share price compared to an 8 per cent gain in the S&P BSE Sensex. It has declined 62 per cent from its record high of Rs 429 (adjusted to 5:1 bonus shares) touched on 26 Nov 2021. Let us tell you that Nykaa is India’s leading lifestyle focused consumer technologies platform.

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