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Falguni Nayar loses $1 billion in a fortnight amid selloff in Nykaa shares
With investors making a beeline for the exit door amid a rout in tech stocks globally,founder and CEO Falguni Nayar , known as the 'makeup queen of India', has ended up losing $1 billion in a fortnight. Nayar, who founded the e-commerce portal Nykaa in 2012 after a successful career as a top-notch investment banker, became a billionaire and India's richest self-made woman last year after the unicorn's blockbuster listing on stock exchanges. Falguni Nayar Family Trust holds a little over 22% stake in the company. The sell-off deepened in the last two weeks not just due to the carnage in tech stocks globally but also as the mandatory one year lock-in of pre-IPO investors is set to expire on November 10.Among all the larger shareholders of Nykaa, the highest cost of acquisition is Rs 202, implying around 5x returns at the current market price. " Of the 9 locked-in financial investors holding 1%+ share capital of Nykaa, only 3 have not generated any liquidity from this investment. Despite that, the size of gains might still be the cause of further selling in order to diversify the portfolio or to book profits,"said in a report. Source - MINT #nykaa
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