Nykaa's stock slips ~3% on block deal news

4 Jul 2023 , 02:17 PM

Nykaa shares fell more than 2% in intraday trading on Tuesday, owing to likely block trades on the counter. Earlier in the day, approximately 47.1 lakh shares were traded in two block deals.

At around 2.13 PM, Nykaa was trading 2.90% lower at Rs 143.80, against the previous close of Rs 148.10 on NSE. The counter touched an intraday high and low of Rs 149 and Rs 143.50, respectively.

So far this year, the shares have performed poorly, falling nearly 7% year to date. This drop in the online beauty company’s stock comes at a time when other internet companies have made stellar recoveries from last year’s lows. 

Shares of Paytm and Policybazaar, for instance, have experienced a growth of over 50% during this year, while Zomato has seen an increase of approximately 25% in its share value.

Nykaa’s March quarter net profit fell 72% to Rs 2.4 crore, while consolidated revenue increased 34% y-o-y to Rs 1,301 crore.

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