Shares of FSN E-Commerce Ventures Ltd (Nykaa) dropped over 4% to ₹202.40 on Wednesday, July 3, following a large block deal where about 2.3% equity, or 26,825 shares, changed hands on the exchanges.
The block deal is linked to the reports of Banga family, one of Nykaa’s earliest backers selling stake. According to earlier reports, the Banga family — led by shipping tycoon Harindarpal ‘Harry’ Banga — planned to sell nearly 2% of their stake in Nykaa, amounting to half of their total holding. They held more than 4% of the company before the sale and are expected to retain a residual stake of about 2–2.5%.
The family first invested in Nykaa in 2014 when the beauty and personal care platform was valued at just $20 million. Over the years, they have significantly profited from the company’s growth — now worth over $700 million. In 2024, they sold shares worth ₹809 crore (~$100 million) at ₹198 apiece.
Nykaa’s stock closed the previous session at ₹211.59 and has touched a day’s low of ₹203.10, with a market cap of ₹582.93 billion and an average trading volume of 13.73 million shares. The stock is currently down 4.34% from its last close, reflecting investor reaction to the stake sale.
