Beauty products retailer Nykaa’s chief financial officer (CFO) Arvind Agarwal has resigned from the company, its parent firm FSN E-Commerce Ventures said 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,” it said. The company is in the process of appointing a new CFO, the company said.
Agarwal on-boarded Nykaa as the company’s CFO in July 2020. Prior to joining Nykaa, he was FP&A leader & business controller at Amazon India, from August 2017 to June 2020. Before that
he worked with Vodafone India for five years.
Nykaa shares have been under pressure since the lock-in period of its initial public offering (IPO) expired on November 10. During the lock-in period, promoters and investors cannot liquidate the pre-IPO securities held by them. Stocks often fall after lock-in expires, as investor selling puts downward pressure on shares. Since the lock-in expiry, there have been multiple bulk deals in Nykaa.
Last week, Lighthouse India Fund III sold 96,89,240 Nykaa shares at an average price of Rs 171 per share. Among other major sellers, Segantii India Mauritius sold 33,73,243 shares at an average price of Rs 199 on 15 November.
On Tuesday, Nykaa’s shares ended at Rs 175.20 on the BSE, down 4.55% from previous day’s close.