Shares of Nykaa parent FSN E-Commerce Ventures fell 9% to Rs 175 in intraday trade on Wednesday, on heavy volume following the issuance of nearly 2,374 million bonus shares starting today. The stock has fallen 17% over the past two sessions.

Shares of Nykaa were down 4% at Rs 184.25 at 9:21 am, while the S&P BSE Sensex was down 0.19%. 39.4 million shares were traded over the counter on the BSE and NSE. About 30.62 million shares changed hands on the BSE as of 9:15 am, exchange data showed.

In a notice on Tuesday, the BSE said that the new securities of FSN E-Commerce Ventures were listed and allowed to trade on the exchange with effect from Wednesday, November 16, 2022. The company allotted 2,37,35,63,075 bonus shares of Re 1 each on November 12, 2022.

The stock rose 13% after a 5:1 bonus issue on November 10 converted to ex-rights. The company’s board of directors has designated Friday, November 11, 2022, as the “record date” for the bonus stock to determine eligible members.

Over the past year, the stock has fallen 51%, compared with a 1.7% gain for the S&P BSE Sensex index. It hit an all-time low of Rs 162.59 (adjusted for bonus shares) on October 28, 2022.

FSN E-Commerce Ventures, commonly known as Nykaa, is a consumer technology platform that provides consumers with a content-led lifestyle retail experience through its diverse portfolio of beauty, personal care and fashion products, including private label products.