FSN E-Commerce Ventures (Nykaa) Shares remained under pressure and hit a fresh BSE low of Rs 975.50 in intraday trade on Friday. Shares of the online fashion retailer were lower for the third day in a row, falling as much as 15% during the period. In contrast, today, the S&P BSE Sensex was up 0.32% at 59,948 at 9:54 am.

Shares of Nykaa are at their lowest level since going public in November and have fallen 24% over the past month. By contrast, the S&P BSE Sensex rose 6% over the same period.

With the recent drop, the market price of Nykaa has fallen 62% from its all-time high of Rs 2,574 on November 26, 2021. The company debuted on November 10, 2021.

The sharp sell-off in Nykaa stock comes ahead of the end of the IPO lock-up period, which ends next month in a year. Whenever the lock-up period for IPO anchor investors ends, there is selling pressure, especially in companies backed by private equity investors.

The sharp drop in the share price caused Nykaa to lose its place in India’s 100 most valuable companies by market capitalisation. Nykaa’s market capitalisation fell below Rs 50,000 crore to Rs 46,292 crore in intraday trade. The company’s market capitalisation has fallen by Rs 75,857 crore from its all-time high of Rs 1.22 trillion. Nykaa ranked 100th on Thursday with a market capitalisation of Rs 49,787 crore, BSE data showed.

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

Investors weren’t too happy about the company’s 5-to-1 IPO announcement on October 3, or 5 bonus shares for every company held. The stock has fallen nearly 8% since then.

Meanwhile, Nykaa on Thursday announced the appointment of Rajesh Uppalapati as its chief technology officer (CTO), effective November 1. Nykaa’s current CTO, Sanjay Suri, will step down on November 1 and be replaced by Uppalapati.