Arvind Agarwal has resigned as the chief financial officer of Nykaa's parent FSN E-Commerce Ventures Ltd., amid a share slide triggered by the expiry of the lock-in period for pre-IPO investors.
He is leaving the company to pursue other opportunities in the digital economy and startup space, Nykaa said in an exchange filing on Tuesday. His last working day will be Nov. 25.
Arvind Agarwal. (Source: LinkedIn)
“Arvind deserves kudos for the critical role he has played in Nykaa's emergence as a listed and profitable startup,” Falguni Nayar, founder and chairperson at FSN E-Commerce, said in the filing. “While we do regret losing him, we are conscious of his personal dreams, and wish him all the luck.”
The company is now in the process of appointing a new CFO.
Agarwal's resignation comes days after the year-long anchor lock-in period for the Nykaa IPO ended on Nov. 10. The company's bonus-share issue, which opened on Nov. 11, has failed to arrest a share slide since then.
On Tuesday, shares of FSN E-Commerce Ventures Ltd. fell 4.55% to Rs 175.20 apiece on the BSE, even as the benchmark Sensex ended the day 0.45% higher at 61,418.96 points.
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