Nykaa hits new low; stock plunges 10% in two days on heavy volumes

Festivities in Q3FY23 did bring some cheer to internet companies but the mood remains relatively sombre with inflationary macroeconomic environment denting demand uptick, according to analysts

Shares of Nykaa's parent company - FSN E-Commerce Ventures - hit a new all-time low of Rs 132.55, down 5.5 per cent on the BSE in Tuesday’s intra-day trade, in an otherwise firm market. In the past two days, the stock has plunged 10 per cent, while it has slipped 15 per cent in the past four trading days.

At 11:07 AM, Nykaa was quoting 4.5 per cent lower at Rs 133.90, as compared to 0.51 per cent rise in the S&P BSE Sensex. Average trading volumes on the counter jumped nearly three-fold today with a combined 15.97 million