Nykaa’s stock has come under heavy sell off as the lock-in has expired.(File)New Delhi: Fashion retailer FSN E-Commerce Ventures, the parent company of Nykaa, has again come under intense selling pressure even as analysts sounded optimistic about the prospect of the stock.After losing over 9 per cent on Tuesday, the stock opened at Rs 190 against its previous close of Rs 190 but went down immediately to Rs 183 level.Investor sentiment took a beating as another investor had sold shares in an open market transaction since November 10, when the lock-in period for pre-IPO investors expired.According to NSE data, Segantii India Mauritius sold over 33 lakh shares in an open market transaction on Tuesday at a little over Rs 199.24.Meanwhile, Hermes Investment Funds has bought over 25 lakh shares of Nykaa for 198.48 in separate open market transactions.Since the lock-in expiry, there have been multiple bulk deals in Nykaa.Nykaa’s stock has come under heavy sell-off as the lock-in has expired, and the sentiment was hit further as Segantii India has sold 33 lakh shares of FSN E-Commerce Ventures (Nykaa) for Rs 67 crore, said Rahul Sharma, Research Head at Equity 99.”In the coming days, the share might bounce back due to its unique business model, which resulted in robust Q2 earnings. The company has the power to not only break even but turn money-making on a long-term basis,” he said.Another new-age stock PB Fintech, which runs the insurance marketplace PolicyBazaar, also has to bear the brunt of the selling. The restrictions on pre-investors in Policybazaar also expired on November 10.Policybaazar is trading at 379.45, lower by 2.29 per cent from its previous close. Its current level is a far cry from its 52-week high of 1,470.”PB Fintech, like other new-age IPOs, has been a huge wealth destructor since its initial public offer (IPO) in November last year,” Sharma said.The stock has corrected almost 60 per cent post-IPO, and many PE investors might sell their holdings as the company has not been able to deliver any profit, he added.Ventura capital firm Tiger Global has already sold a part of its stake in Policybazaar.Featured Video Of The DayWhat Google Said After Facing Rs 936 Crore Fine In India
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