Last Updated: January 12, 2023, 12:07 IST
Nykaa Share Price Today: Nykaa’s share price fell on January 12 after as many as 1.4 crore shares or 0.5 per cent of FSN E-Commerce Ventures Ltd., the parent company of fashion e-tailer Nykaa exchanged hands in a large trade.
According to Bloomberg, the shares were offered by an undisclosed seller at Rs 148.90 a piece to raise $26 million via block. The selling price indicated a 4 percent discount to yesterday’s closing price. News18.com could not independently verify the report.
The stock opened lower at Rs 152.95 versus a closing price of Rs 155.10 on the previous day, but reversed the losses to trade higher at Rs 156.65 soon. The stock was not able to sustain the gains though as again slipped in the red. At the time of writing this copy, the share price was trading 2.4 per cent lower at Rs 151.40 on BSE. Data on exchange website showed 4,60,428 shares traded on the bourse.
On November 9, the lock-in period for Nykaa’s pre-IPO shareholders expired. Almost 67 percent of Nykaa’s shareholding was released from lock-in with the end of the restricted period. That is equal to about 310 million shares.
Following this, funds like Lighthouse India Fund, TPG Growth and high networth individuals like Mala Gaonkar and Narotam Sekhsaria offloaded some stake in the counter.
“The stock has corrected partly due to the global tech sell-off on rising yields and more recently due to the imminent lock-in expiry,” believes HSBC Securities and Capital Markets. “We believe valuation is now even more appealing and under-appreciates the structural growth opportunity in beauty and personal care.”
HSBC has the most bullish target on Nykaa, at Rs 2,180. Meanwhile, the stock is down over 60 percent since its listing in November 2021.
Shares of Nykaa are down 11 percent over the last month and have halved over a 12-month period.
Read all the Latest Business News here