Nykaa stock tanks ~4% on block deal news

12 Jan 2023 , 01:36 AM

In Thursday’s intraday trade, shares of FSN E-Commerce Ventures, which operates Nykaa, fell nearly 4% to Rs149.5 on reports of a block deal.

After the lock-in period expired on November 9, several pre-IPO investors liquidated their holdings. Previously, in a deal worth Rs1,009 crore, NRI investor Mala Gopal Gaonkar sold 5.75 crore shares of Nykaa at an average price of Rs175.48. Lighthouse India Fund-III also sold shares in Nykaa worth Rs525 crore.

Other previous sellers included Segantii India Mauritius and the American private equity firm TPG.

At around 1.31 PM, Nykaa’s counter was trading at Rs149.15, down by 3.84% against the previous close of Rs155.10 on NSE. The counter touched an intraday high and low of Rs156.65 and Rs147.65 respectively.

According to Trendlyne data, the stock’s highest target price is Rs458.3, while the average target price is Rs259.8, representing a 74% upside potential from current market prices.

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