Nykaa Shares Jump 3% After Block Deal

Nykaa shares rose by 3% after the news of a big block deal.

Shares of Nykaa owner FSN E-Commerce Ventures rose 3% on Friday after a block trade totalling 6.57 million shares or a 0.23% equity worth Rs 93.2 crore at Rs 141.9 per share.

Buyers and sellers are unclear at this point. The stock has been under pressure since pre-IPO investors started exiting companies after the lock-up period ended on November 9, 2022.

Earlier, Lighthouse India sold about 18.45 million shares worth Rs 336 crore, Kravis Investment Partners sold nearly 36 million shares worth Rs 630 crore, and TPG liquidated about 5.43 million shares Rs 998 crore.

Brokerage firm Nomura recently reiterated its “buy” call on Nykaa with a price target of Rs 214, 53% above its March 17 close.

Nykaa’s market capitalisation has fallen 36% in the past six months and 64% since listing in November 2021.

On March 17, the stock closed 1.38% higher at Rs 140 on the NSE, while the benchmark Nifty 50 closed 0.67% higher at 17,100.05.

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