Nykaa share price: Morgan Stanley bullish on e-retailer, sees upside of Rs 140

Nykaa share price: Shares of Fsn E-Commerce Ventures, the parent company of NYKAA, fell more than 2 per cent on Wednesday, November 23, a day after the company in a filing informed that chief financial officer Arvind Agarwal has resigned. At 11:26 AM, the counter quoted Rs 171.25 apiece on NSE, declining Rs 3.95 or 2.25 per cent from the previous close of Rs 175.20. 

Nykaa stocks are under pressure ever since the IPO lock-in period ended. Several fund houses and investors have offloaded their stake in the company since November 10, thus dragging the stock. After the end of lock-in period, 67 per cent holding in the Nykaa opened for trading.

Earlier on Tuesday evening, November 22, the company in an exchange filing announced the departure of Arvind Agarwal.

"Arvind Agarwal, Chief Financial Officer of FSN E-Commerce Ventures Limited will be leaving the Company, effective close of business hours on November 25, 2022, to pursue other opportunities in the digital economy & start-up space," the company said in the filing.

Prior to this, Lighthouse India Fund III sold 1.84 crore shares worth Rs 335.72 crore through an open market transaction. These shares were acquired by ICICI Prudential Mutual Fund (MF),

Aditya Birla Sun Life MF, BNP Paribas Arbitrage, Morgan Stanley Asia Singapore Pte and Ontario Teachers Pension Plan Board, among others.

Meanwhile, global brokerage house Morgan Stanley has given an 'overweight' rating on the counter with a price target to Rs 314.

Nykaa's share price has corrected around 29 per cent in the past 6 months. The 52-week range of the stock is Rs 428.95 - Rs 162.5. 

In 2022 so far, Nykaa has tanked nearly 50 per cent. At today's share price levels, Nykaa's market cap is at Rs 49.28 thousand crore, as per the NSE.

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