Why Nykaa share price is nosediving today? Experts explain listing out these two reasons
FSN E-Commerce Ventures Ltd Q1 results 2023, which was announced on Friday after the market hours. Nykaa share price today witnessed heavy beating during early morning deals and hit intraday low of ₹130.10 apiece on NSE within few minutes of stock market's opening bell, logging around 11 per cent dip from its Friday close of ₹146.20 per share.
This is the first trade session after announcement of Nykaa Q1 results 2023 and market observers are looking at this stock price crash as Dalal Street reaction to the stock after first quarter results of the company for current financial year. On reasons for dip in Nykaa share price today, Vaibhav Kaushik, Research Analyst at GCL Broking said, “Nykaa shares are nosediving today due to two major reasons — not so encouraging Q1 results 2023 and weak stock market sentiments." GCL Broking expert advised Nykaa shareholders to hold the stock with strict stop loss at ₹125 apiece levels.
Avinash Gorakshkar, Head of Research at Profitmart Securities said, 'Nykaa results are not too bad but due to weak global sentiments, Dalal Street is reeling under the sell off heat. We may see sharp rebound in the stock if Nifty manages to sustain above 19,250 levels." On whether bottom fishing is advisable in regard to Nykaa shares, Vaibhav Kaushik said, “High risk traders can buy Nykaa shares maintaining stop loss at ₹125 apiece levels.
There can be sharp bounce back if the stock manages to sustain above its crucial support placed at ₹125 levels." FSN E-Commerce Ventures, which operates beauty and fashion retailer Nykaa, released its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 11 after the market hours. In Q1FY24 results, FSN E-Commerce Ventures reporting a rise of 8 per cent in
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