FSN E-Commerce Ventures Ltd, the owner of beauty e-retailer Nykaa, announced the resignation of its chief financial officer (CFO) Arvind Agarwal on November 22.
Agarwal will leave the company and step down from his position on November 25, according to Nykaa, and will “pursue other opportunities in the digital economy and start-up space.”
According to the regulatory filing, the company is in the process of hiring a new CFO.
— Sumit Mehrotra (@SumitResearch) November 22, 2022
Agarwal will leave Nykaa after the company’s closing hours on November 25, 2022. Nykaa shares have started the week on a negative note. In just two trading days, the stock has dropped nearly 2%.
In response to his resignation, Agarwal stated, “It’s been an honour to be a part of Nykaa’s incredible journey thus far. All of my previous learning and experiences have prepared me to pursue various personal growth opportunities in the digital economy and start-up space. I wish Nykaa all the best on their future growth path and will always be a part of the Nykaa Family.”
In addition, Agarwal will no longer be a Key Managerial Personnel (KMP) as of November 25.
Nykaa stated that the company is in the process of hiring a new CFO and will notify the stock exchanges once the new CFO is in place.
On November 22, Nykaa shares closed at 175.20 per share, down 4.55% on the BSE. The stock closed near the intraday low of 174.50 per share set earlier in the day. The company’s market capitalization is approximately 49,901.79 crore.
Since November 10, Nykaa shares have fallen by approximately 7%.
The share price of FSN E-Commerce Ventures Ltd fell 5% today, November 22, as pre-IPO investors exited the stock after lock-ins expired.
According to reports, private equity firm Lighthouse India may sell shares in FSN E-Commerce Ventures worth Rs 335 crore in a block deal today.
Previously, on November 10, Lighthouse India Fund III sold 96,89,240 shares at an average price of Rs 171 per share.
According to NSE data, Segantii India Mauritius also sold 33,73,243 shares on November 15 at an average price of Rs 199.