Nykaa shares dropped 2.5% on Friday after nearly 2.7 crore shares of the company changed hands in deals worth ₹516 crore.
Shares of FSN E-Commerce Ventures Ltd, the parent company of Nykaa, opened lower and fell to a low of ₹188.80 per share on BSE, showing a loss of 2.54% over the previous close, in morning deals. Trading volume surged by more than 41 times to 2.75 crore shares against the two-week average volume of 6.6 lakh shares.
Market data showed that around 2.7 crore shares of the company representing 0.9% of equity capital were traded in block deals.
The total value of block deals was around ₹516 crore while the average price of the block deals as well as buyers and sellers of the shares were not known immediately.
Nykaa shares had hit a 52-week high of ₹195.40 apiece on January 10 after rallying around 23% in the past three months.
Sources told CNBC-TV18, on January 11, that Lexdale International was likely to sell 2.62 crore shares of Nykaa through block deals on Friday. Morgan Stanley and JP Morgan were the brokers and the lock-in period was 45 days for the deals.
Nykaa’s profit rose by 50% in the July-September quarter of FY24 to ₹7.8 crore from ₹5.2 crore in the year-ago period. Consolidated revenue from operations jumped 22.4% to ₹1,507 crore in Q2FY24 compared to ₹1,230.82 crore in Q2 of FY23.
The company also expanded its offline stores during the quarter, adding 13 stores to take the count to 165 as of September 30, 2023.
Nykaa shares were trading 1.45% lower at ₹190.90 apiece on BSE at 10.03 AM.
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