Nykaa Shares Continue To Recover After Dismal Past Few Weeks

Nykaa share price surged close to 9% on Wednesday to touch an intraday high of ₹138.85 as the stock continued it’s gaining streak that started this week.

What Happened: Shares of the fashion and beauty retailer have jumped over 11% this week as the stock seems to be recovering from the dismal past few weeks. However, it isn’t immediately clear what’s driving the current surge but the stock saw block deals worth ₹75 crore being executed.

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The surge this week comes as the stock has been reeling at the bourses for quite some time now. Before the surge this week, the stock was on a nine-day losing streak. The company’s stock took a hit last month as five members of its top management including Chief Commercial Operations Officer Manoj Gandhi, Chief Business Officer of fashion division Gopal Asthana, and Chief Executive Officer of wholesale business Vikas Gupta left the company.

Price Action: Nykaa share price was up 8.25% to trade at ₹137.05 in the late hours of trading on Wednesday.

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