India, July 3 -- Shares of Nykaa plunged as much as 5% to INR 201 during the early trading hours today after a large block deal.

As per a CNBC TV18 report, Nykaa shares worth over INR 1,210 Cr changed hands via the block deal.

Notably, it was reported yesterday that Harindarpal Singh Banga, founder of The Caravel Group and an early backer of Nykaa, was looking to dilute 2% to 2.5% stake in the beauty ecommerce major in a $150 Mn (about INR 1,284 Cr) block deal.

At 12:10 PM, the stock was down 4.2% at INR 203 on the BSE. Its market capitalisation stood at INR 58,051 Cr (about $6.7 Bn).

It is pertinent to note that shares of Nykaa are up 22.9% year to date. With the stake sale, Banga, who held a 4.97% stake in the company at the end of ...