Shares of Nykaa were trading in the red and 3% lower on 12 January after 2.7 crore shares of the company changed hands on the exchanges.

Around 2.7 crore shares of the company represent 0.9% of the total equity changed hands on the exchanges via a block deal for a total deal worth Rs 516 crore.

However, the buyers and sellers involved in the deal have yet to be identified, along with the average price at which these shares were sold.

The bull deal triggered a spike in the trading volume as 2.75 crore shares of the company changed hands, which is 41 times more than the two-week average volume of 6.6 lakh shares.

Earlier this month, FSN E-commerce, Nykaa’s parent company, said that it saw consistent growth across its three business verticals during the October-December quarter.

The company also expects its Beauty and Personal care vertical to report a Gross Merchandise Value (GMV) growth in the mid-20s for the Q3 of the current fiscal year. The beauty and personal care vertical growth is ahead of that of the overall industry.

However, the company added that the industry growth has slipped below the long-term trajectory but should revert back to the median in the near to mid-term on the back of strong macroeconomics and demographic outlook.

At 12:11 pm, Nykaa shares were trading 3.07% lower at Rs 187.65 on NSE.