Shares of FSN E-Commerce Ventures Ltd, the owner of India’s largest beauty e-retailer Nykaa, gained 8.5 percent in intraday trade on Wednesday to reach a high of Rs 138.85.

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The stock is up for the second day in a row. However, the two-day surge has come after nine consecutive sessions of declines.

Nykaa’s shares have declined more than 50 percent in the past one-year period and nearly 11 percent in the past three months.

The beauty products online retailer’s stock has been plummeting since many of the company’s top executives exited in recent months.

Last month, five top senior executives submitted their resignations, including two vice presidents.

Among these executives putting in their resignations were the beauty brand’s Chief Commercial Operations Officer Manoj Gandhi and the Chief Executive Officer of the Wholesale Business Vikas Gupta.

Shuchi Pandya, vice president of Nykaa’s owned brands business in the fashion division, also quit the company recently. Lalit Pruthi, vice president, finance, has also exited the company.

Further, Nykaa’s Chief Business Officer of the Fashion Division Gopal Asthana is the latest among the top executives who left the company.

In February 2023, the Mumbai-based company’s secretary and compliance officer Rajendra Punde also resigned.

Last year in November, two key top executives resigned, including the company’s CFO Arvind Agarwal, and the CTO (chief technology

officer) Sanjay Suri.

The company said that voluntary and involuntary exits are expected in a company with over 3,000 on-roll employees.

Brokerage firm Macquarie had initiated an underperform call on Nykaa last month, with a price target of Rs 115 per share, setting the lowest target among analysts who track the stock.

From the current market price, the target by Macquarie implies a potential downside of 16.3 percent.

Shares of Nykaa are trading 7.5 percent higher at Rs 136.30. The stock is up 15 percent from its 52-week low of Rs 120.70.

(Edited by : Rukmani Krishna)