Nykaa Shares Slump Further To Hit 52-Week Low Today, Even As Company Fills Senior Roles

Nykaa‘s share price continued its dismal run at bourses as the stock continued to slump for the fourth consecutive session on Monday.

What Happened: The share price of Nykaa has been on a downturn since the start of the year. Nykaa’s share price is down over 22% year-to-date. Today the shares of the beauty and fashion retailer slumped close to 1% to hit a new 52-week low of ₹119.60.

The slump today comes as the company announced appointments for several top management positions. Several of the company’s top executives had left the company last month including Chief Commercial Operations Officer Manoj Gandhi, Chief Business Officer of fashion division Gopal Asthana, and Chief Executive Officer of wholesale business Vikas Gupta.

See Also: Zomato Shares Soar 4% On Wednesday After This Analyst’s ‘Buy’ Call

Rajesh Uppalapati has joined as the Chief Technology Officer. Uppalapati who has worked for Amazon for 20 years “has a proven track record of delivering successful, world-class, large-scale, performance.”

Sujeet Jain joins as the company’s Chief Legal & Regulatory Officer. He has over 25 years of experience across diversified sectors, at organisations such as Vodafone Idea, Shaadi.com, Ultratech Cement, and Viacom18.

The company also announced several other hirings across several departments including, Marketing, Product, Technology, Finance, Legal, Customer Growth, etc.

Price Action: Nykaa’s share price was down 0.50% to trade at ₹120 in the early hours of trading on Monday.

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