Nykaa shares drop 4% after equity worth ₹1,210 crore changes hands in block deals

Nykaa shares declined over 4% on Thursday, July 3, after a total of six crore shares or 2.3% of its equity worth ₹1,210 crore changed hands via block deals.On Wednesday, July 2, CNBC-TV18 reported, citing sources, that Harindarpal Singh Banga and Indra Banga were set to sell 2.1% equity worth ₹1,200 crore at a floor price of ₹200 per share via block deals.

As per the March quarter shareholding pattern, Harinderpal Singh Banga had a 4.97% stake in the company. Indra Banga’s name does not feature in the shareholding pattern.

Last week, the company launched Nykaa Now, its quick commerce platform for beauty products. It is currently available in seven cities. As per the company, Nykaa Now will fulfill orders between 30 and 120 minutes.In the fourth quarter, Nykaa’s net profit increased to ₹20.3 crore from ₹7 crore in the previous year. Its revenue increased 23.6% to ₹2,061.8 crore from ₹1,668 crore in the year-ago period.

Its earnings before interest taxes depreciation and amortisation (EBITDA) increased 43% in the March quarter to ₹133.4 crore from ₹93.3 crore in the previous year. The company’s EBITDA margin expanded to 6.47% from 5.59% in the year-ago period.

Shares of Nykaa were down 4.24% at ₹202.61 apiece at 9.50 am on Thursday, July 3. The stock has gained 22.42% this year, so far.

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