In Nykaa, 67.20% outstanding shares will become eligible for trading on November 10 New-age stock Nykaa surged over 10 per cent in the morning deals today, beating market expectation that the stock will come under intense selling pressure.
The lifting of curbs on Thursday had sparked speculation that the stock will come under pressure with pre-IPO investors looking for exit.
The steel fall in Nykaa was in tandem with the decline in other new-age tech stocks.
Investors have cast doubts over the profitability of valuation of these tech startups.
The company board had earlier approved a bonus issue of equity shares in the proportion of 5:1.
Source: NDTV
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