Arvind Agrawal, Chief Financial Officer at Nykaa, the beauty product retailer, resigned from the company. FSN E-commerce Ventures, the parent company of Nykaa, announced this in a regulatory filing on Tuesday.
Agarwal is leaving “effective close of business hours on November 25 2022, to pursue other opportunities in the digital economy and start-up space,” the FSN E-commerce Ventures said in an official statement. Moreover, the company has started the process of appointing a new financial officer.
Agarwal joined Nykaa as Chief Financial Officer in July 2020. Before his onboarding on Nykaa, he worked at Amazon India as an FP&A (Financial Planning and Analysis) leader & business controller, where his tenure started in August 2017 and has gone till June 2020. Prior to joining Amazon, he served Vodafone India for five years.
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Arvind’s resignation is a consequence of the company’s share price decline. Nykaa shares witnessed considerable pressure since its IPO’s lock-in period expired on November 10, 2022. Given that, the company’s promoters and investors can’t liquidate their pre-IPO holdings. It is quite obvious that shares price fall after the completion of the lock-in period as investors’ selling creates pressure on shares. There have been numerous big deals in Nykaa since the lock-in period expired.
Lighthouse India Funds III sold 96,89,240 stocks of Nykaa last week at a price of Rs. 171 per equity share. Another major seller of Nykaa’s securities is Segantii India Mauritius, which sold 33,73,243 stocks at a price of Rs 199 per equity share.
On Tuesday, Nykaa’s share price declined by 4.55% from the previous day’s price and closed at Rs. 170.20 per equity share.
