Nykaa anchor lock-in period ends today; stock down 21% from record high

New Delhi: Shares of FSN E-Commerce Ventures, the parent company of , have been under pressure lately. The scrip has declined more than 21 per cent from its recent high of Rs 2,574.

The stock was in focus on Wednesday as the mandatory lock-in period for anchor investors came to an end. The stock slipped about 6 per cent to Rs 2,028 before making a comback to trade at Rs 2,130 around 11.45 am. The scrip declined as much as 10 per cent from the day's high of Rs 2,248.40 on the BSE during the trade.

The pressure on the counter briefly pushed the company's market cap below Rs 1 lakh crore mark during early hours of trading.

BSE barometer Sensex, meanwhile, was trading at 58,458, up 824.43 points or 1.43 per cent at the time of writing this report.

The stock of the fashion and cosmetics online retailer was trading lower for the fifth straight day, down 18 per cent in the last one week. In comparison, the S&P BSE Sensex was up 2 per cent during the same period.

Shares of Nykaa have corrected over 21 per cent from its 52-week high of Rs 2,574, scaled on November 26. The stock listed on November 10.

The IPO of FSN E-Commerce ventures was open between October 28 to November 1 as the company raised Rs 5,351.92 crore by selling shares in the range of Rs 1,085-1,125.

The issue was subscribed about 82 times, led by strong bidding from institutional and HNI bidders. It had listed at a premium of 80 per cent at Rs 2,018.

Last week, foreign brokerage firm HSBC initiated coverage on Nykaa with a Buy rating and a target of Rs 2,900, which is more than 40 per cent above its current price.