Nykaa CFO Arvind Agarwal resigns

Arvind 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.

On Tuesday, Nykaa’s shares ended at Rs. 175.20 on the BSE, down 4.55% from previous day’s close. (Image: Facebook/MyNykaa)

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.

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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 `171 per share. Among other major sellers, Segantii India Mauritius sold 33,73,243 shares at an average price of `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. FE

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