Shares of Nykaa’s parent company FSN E-commerce Ventures, hit a fresh low of Rs 115.45 in intraday trade on the National Stock Exchange (NSE) on Tuesday, down 3%. Shares of the beauty e-retailer were down for a fifth straight day, down 8% in the period. At 2:13 pm, the Nifty 50 was up 0.27% at 17,791.

The average over-the-counter volume has almost doubled, with about 11 million shares changing hands on the NSE and BSE so far.

The stock has slumped nearly 40% in the past six months against the Nifty50’s gain of 0.8%. Moreover, the stock has more than halved in the past year, down 58%, against the Nifty50’s increase of 5% for the benchmark index.

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.

The stock has been under pressure over the past few months after media reports said five of Nykaa’s top executives had resigned amid rising competition and a drop in the stock price.

On Monday, however, Nykaa announced that Rajesh Uppalapati had joined the company as chief technology officer. Meanwhile, Abhishek Awasthi, Eswar Perla, Dhruv Mathur and Amit Kulshrestha have joined the existing technical leadership team.

“With their collective experience of more than 60 years at organisations such as Walmart, Amazon, Magicpin and LBB, they play key roles in product and engineering, helping drive innovation and growth across the company’s digital platforms,” ​​the company said in a press release.

The new leadership will join the existing leadership, which now consists of more than 50 leaders, and will be essential in driving the company’s growth agenda forward. Nykaa said each leader was handpicked based on their maturity, depth of experience, industry expertise and passion for innovation and growth.