Shares of Nykaa’s parent company FSN E-commerce Ventures, continued to be under pressure in intraday trade on Wednesday, falling 2% to Rs 125.05 on the BSE. Shares of the beauty e-retailer were down for an eighth straight day, down 11% in the period. It is now quoted near its January 23, 2023, all-time low of Rs 120.75.

Nykaa is India’s largest online marketplace for beauty, personal care and fashion brands. The company made its stock market debut on November 10, 2021. Its shares were issued at Rs 1,125 each in an initial public offering (IPO).

Last week, media reports said five top Nykaa executives had resigned amid rising competition and falling stock prices. The dropouts included chief commercial operations officer Manoj Gandhi, the chief commercial officer of fashion unit Gopal Asthana and wholesale business Vikas Gupta, all of whom were executives at Nykaa, according to Reuters.

These resignations followed Arvind Agarwal’s (former CFO) departure in November 2022 and Reena Chhabra’s (former CEO of Private Label) in August 2022.

Nykaa commented that some of these exits were part of the standard annual review and transition process, where people exited for merit or to pursue other opportunities.

Management believes that the Nykaa team is competitively sought after and will therefore experience a “normal” level of attrition. The company will look to replace that with a mix of internal and external talent. However, the move should not signal a change in Nykaa’s stance on its businesses, including fashion, eB2B and private labels, which have departed, according to management. The brokerage has a “buy” call on the stock.