While the Nykaa stock opened with an intraday high of INR 185.4, it witnessed a massive selloff in the last hour of the trading session While JM Financial reiterated its “BUY” rating on the stock with a TP of INR 220 apiece, ICICI Securities downgraded it to a “HOLD” with a price target of INR 175 Shares of beauty ecommerce platform Nykaa closed Thursday’s trading session 2.85% lower at INR 173.
95 on the BSE Shares of beauty ecommerce platform Nykaa closed Thursday’s (May 23) trading session 2.85% lower at INR 173.95 on the BSE.
The decline came just a day after the startup reported its financial performance for the fourth quarter (Q4) of the financial year 2023-24 (FY24). On May 23, Nykaa’s stock opened with an intraday high of INR 185.4.
By noon, the stock had fallen below the INR 180 mark, before witnessing a massive selloff in the last hour of the trading session. At the end of the day, Nykaa’s market capitalisation hovered around the INR 49,686.37 Cr mark.
Meanwhile, brokerages had mixed feelings towards the stock. JM Financial reiterated its “BUY” rating on the stock and increased the target price for Nykaa to INR 220 apiece from INR 210 earlier. “Overpowering the recent discretionary spends slowdown, Nykaa reported robust 30%/27%/68% YoY growth in BPC/Fashion/Others segments.
.. [The] company reported strong operating metrics across transacting users, conversion and AOVs, indicating rising business momentum.
We reiterate a ‘BUY’ rating with a T.
