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Business News/ Markets / Stock Markets/  Nykaa share price dips 3% in early trade. Buy, hold or exit?
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Nykaa share price dips 3% in early trade. Buy, hold or exit?

Nykaa share price today opened downside after sharp upside move in last two sessions

Nykaa shares gain to the tune of 8 per cent on Wednesday session. (Bloomberg)Premium
Nykaa shares gain to the tune of 8 per cent on Wednesday session. (Bloomberg)

Nykaa share price: Shares of FSN E-Commerce Ventures Ltd, which operates Nykaa, headed a slow start in early morning trade on Thursday. After gaining around 8 per cent on Wednesday, Nykaa share price today opened at 136.35 apiece on NSE today. The company stock is currently trading 2.38 per cent lower at 133.30 on BSE.

Nykaa shares have been under pressure since the end of lock-in period of pre-IPO investors. And the e-retailer of fashion and cosmetics announced its fourth quarter revenue update for FY23. The company projected a strong growth in the last quarter of the previous financial year. The Beauty & Personal Care categories sustained a healthy demand in Q4FY23. The company expects overall FY 23 revenue growth rates to be in sync with the 9MFY23 performance. And hence, it expects FY23 revenue growth rates in the early 30%.

Nykaa share price outlook

On Nykaa share price outlook, Sumeet Bagadia, Executive Director at Choice Broking said, “Nykaa shares are facing resistance at 145 to 150 apiece levels and the fashion stock has support placed at 125 to 130 per share levels. The scrip is looking weak on chart and hence my suggestion to Nykaa shareholders is to exit on bounce at around resistance levels and maintain strict stop loss at around 125 apiece levels."

Nykaa share price history

After performing well for two straight days, Nykaa shares are in red on Thursday. In last one year, the company shares have declined 54.29 per cent and 12.09 per cent in the last three months. The company shares are reeling under pressure since the end of lock-in period of pre-IPO investors.

The company also saw the exit of its five executives. Among the resigned leaders are Chief Commercial Operations Officer Manoj Gandhi, Chief Business Officer of fashion division Gopal Asthana, and Chief Executive Officer of wholesale business Vikas Gupta - all executives of Nykaa.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 06 Apr 2023, 09:50 AM IST
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