Nykaa Shares Fall As Pre-IPO Investors Sell Holdings

Shares of FSN E-Commerce Ventures Ltd., which runs Nykaa, fell as pre-IPO investors continued to sell stakes in the beauty products retailer.

As many as 1.84 crore shares, or 0.65% of the equity, changed hands in a large trade on the BSE, according to Bloomberg data. However, buyers and sellers weren't immediately known.

Lighthouse India was expected to sell about 1.8 crore shares at around Rs 180–183.5 apiece, a 2% discount to Monday's closing price, according to media reports.

Since the lock-in period expired, several major investors, such as Ambuja Cements' Narotam Sekhsaria, TPG and Mala Gopal Gaonkar have trimmed their holdings in the stock.

This would also be the second time that Lighthouse India Fund is selling its stake in the stock. It had earlier sold shares worth around Rs 525 crore.

Shares of the company fell as much as 4.9% to Rs 174.5 apiece, their lowest in nearly a week, while the benchmark Nifty 50 gained 0.46%. The stock closed 4.5% lower on Tuesday.

It was the most traded Indian stock by and also the worst performer on the NSE Nifty Next 50, NSE Nifty 100, and S&P BSE 200 indexes.