Bloomberg reported that shares of FSN E-Commerce Ventures, which operates Nykaa, saw two block trades on Friday, with about 54.2 million shares, or a 1.9% stake in the company, changing hands. Details of the buyer and seller are not yet known.

The stock opened sharply higher after a block trade. It rose 4% to Rs 192.75 per share. On Thursday, Citigroup launched a blockbuster sale on behalf of TPG Capital, selling $10 billion worth of shares in cosmetics to fashion retailers. The deal offers up to a 0.5% discount off the current market price.

Investors have been diluting their stake since the company’s pre-IPO lock-in period expired on November 9. High net worth individuals such as Narotam S Sekhsaria and Mala Gaonkar and private equity/venture capital funds such as Lighthouse India have sold some stakes in joint stock companies.

On November 11, TPG Growth also sold 1,08,43,050 shares at an average price of Rs 186.4 per share, its second sale today. As of September 30, its shareholding ratio was 2.28%.

Shares sold to date have been acquired by Norges Bank, Societe General, Aberdeen Standard Asia Focus and Canada Pension Plan Investment Board.

The lock-in expiration date also coincided with the stock’s 1:5 ex-dividend release, which stopped falling that day, but experts say this is a short-sighted move.