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Nykaa declines over 3% after CFO resigns

Shares of FSN E-Commerce Ventures, which runs Nykaa, dropped nearly 3% to Rs 169 in Wednesday’s intraday trade on BSE after Arvind Agarwal, the chief financial officer (CFO) of Nykaa, resigned from his position.

Nykaa informed the stock exchanges that Arvind Agarwal will leave the company and step down from his role on November 25, adding that he would "pursue other opportunities in the digital economy and start-up space".



Agarwal's exit came two years after joining Nykaa. He was brought onboard as the CFO of the company in July 2020.

Also, Lighthouse India sold shares worth Rs 335 crore of Nykaa via block deal yesterday at a price band of Rs 180 - 183.50 per share.

After the lock-in expiry earlier in the month, a number of pre-IPO investors have been liquidating the securities held by them. NRI investor Mala Gopal Gaonkar had last week sold 5.75 crore shares of Nykaa at an average price of Rs 175.48 in a deal worth Rs 1,009 crore.

Lighthouse India Fund-III had earlier sold shares in Nykaa worth Rs 525 crore. Other sellers in the past have included Segantii India Mauritius and American private equity firm TPG.

At 10.48 am, the scrip was trading 2.23% lower at Rs 171.30 over its previous day’s closing price of Rs 175.20 apiece. The stock is down over 60% from its 52-week high.

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