Nykaa block deals continue, shares tumble 17% in 3 sessions

According to Bloomberg data, 57.1 million shares (2 percent equity) changed hands in 5 bunched trades

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Share price of Nykaa’s parent company FSN E-Commerce Ventures tumbled 4 percent today on heavy volumes, after multiple trades took place in the block deal window. According to Bloomberg data, 57.1 million shares – about 2 percent equity – changed hands in five bunched trades.

The stock was quoting Rs 176.25 on the National Stock Exchange, down by 4.45 percent, at 10am on Thursday. It has declined 16.5 percent from its November 14 close of Rs 211 apiece.

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As per the information available, one block of 18 million shares worth Rs 319.25 crore changed hands on the BSE at an average price Rs 176.95 per piece. Another block of 12 million shares were sold off at an average price of Rs 176.70 a piece. There were many more such blocks.

Ever since its lock-in expiry on November 9, the counter has seen several trades. Foreign investors Segantii India Mauritius, Norges Bank, Aberdeen Standard Asia Focus Plc, Societe Generale and Morgan Stanley Asia Singapore (Pte) picked up stake as pre-IPO investors Narotam Sekhsaria, Lighthouse India, TPG Growth sold their holdings.

After buying 38 lakh shares on November 9 at an average price of Rs 175.75 apiece, Segantii India sold over 33 lakh shares on November 15 for Rs 199.24 apiece.

Also Read: The biggest losers of Nykaa bonus issue are IPO retail investors

The lock-in expiry also coincided with the stock’s ex-bonus issue date which arrested its fall on that day but was a short-sighted move, as per experts. “If Nykaa did the bonus to reduce pressure from shareholders selling because bonus shares will come only after a month…this is a very short sighted move and will backfire big time when shares actually come by,” PMS fund manager Deepak Shenoy had tweeted.