Shares of FSN E-Commerce Ventures Ltd., the owner of beauty product retailer Nykaa, extended losses to more than 19% in three days.
The slide comes days after the stock turned ex-bonus and the lock-in period on pre-IPO investors were lifted.
On Thursday, as many as 5.7 crore shares, equaling 2% of the equity, changed hands in five large trades on the BSE, according to Bloomberg data.
Around 1.1% equity of the owner of beauty products retailer Nykaa also changed hands on Wednesday.
Major investors such as Ambuja Cements' Narotam Sekhsaria, TPG and Lighthouse India Fund have sold large stakes since the lock-in period expired on Nov. 10, according to block deals data on the BSE. The three combined have sold shares worth roughly Rs 983 crore, the data showed.
Meanwhile, Morgan Stanley, Societe Generale, Aberdeen and Norges have doubled down on their holding in the company, buying stakes during the same period.
Shares of Nykaa have so far declined around 19.1% in the past three sessions. It fell as much as 7.3% to Rs 171 apiece on Thursday. Its trading volume was over 7.7 times the three-month full-day average.
The scrip was also the second worst performer on the NSE Nifty Next 50, NSE Nifty 100 and S&P BSE 200 indexes.
However, the stock recovered all its losses to end Thursday 0.62% higher at Rs 185.6 apiece.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
