Nykaa operator FSN E-Commerce Ventures’ CFO Arvind Agarwal steps down, stock ends 4.5% lower

Nykaa share: Beauty and personal care company Nykaa operator FSN E-Commerce Ventures’ Chief Financial Officer Arvind Agarwal has stepped down from the position and will be leaving the company effective close of business hours on November 25, 2022, an official press communique said. 

The company’s statement filed on the exchanges revealed the reason for his exit, it stated that Agarwal is parting ways with Nykaa to pursue other opportunities in the digital economy and start-up space. 

“It has been great to be a part of the incredible Nykaa journey thus far. All my learning & experiences to date, have set me up for pursuing different personal growth opportunities in the digital economy & start-up space,” the outgoing CFO said in his comment. 

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Similarly, Falguni Nayar, Founder, and Chairperson of Nykaa stated, “Arvind deserves kudos for the critical role he has played in Nykaa’s emergence as a listed and profitable start-up. While we do regret losing him, we are conscious of his personal dreams, and wish him all the luck.” 

Agarwal will also cease to be key managerial personnel under various sections and rules of the Companies Act, as well as of the Securities and Exchange Board of India (SEBI). 

The company is in the process of appointing a new CFO and shall inform the stock exchanges once the new CFO joins, the exchange filing of Nykaa added. 

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Shares of Nykaa on Tuesday closed over 4.5 per cent lower to Rs 187 per share on the BSE as compared to a nearly 0.5 per cent fall in the S&P BSE Sensex. 

The stock has been lately facing the pre-IPO (initial public offer) lock-period expiry heat as multiple investors have sold partial or full stakes in the company. The stock in the last one year has slumped over 50 per cent, while the stock slipped over 28 per cent in the last six months.