Shares of FSN E-Commerce Ventures Ltd. jumped for the second day as the company's move to time the bonus share issue with the expiry of the lock-in period helped calm a potential selloff.
Shares of the parent of online retailer Nykaa rose as much as 19.3% intraday, building on Thursday's closing gains of 6.5%. The stock experienced high trading volumes, at over 5.3 times the three-month daily average.
It was also the best performer on the S&P BSE Consumer Discretionary Index.
"Nykaa share has gone ex-bonus today for 5 bonus shares for every 1 share from today. Incidentally, lock-in of pre IPO shares also got released today. Bonus shares will come after 45 days in investor account, so, public shareholding of 132 crore shares is only 22 crore shares. Of this, about 2 crore shares got sold, instead of 12 crore shares. This has made Nykaa share not fall," according to market expert SP Tulsian.
At close, Nykaa shares traded 10.4% higher at Rs 207.85 apiece.
The stock jumped to Rs 224.65 intraday, the highest level in a month, adjusted for bonus issue.
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