Nykaa's shares have lost 57% in value over the past year, with a 25% loss in the last six months. Competitors such as Tata Group, Reliance and Shoppers Stop now challenge Nykaa, and regulatory scrutiny over the company's bonus share issuance has further undermined investor faith. Five senior executives, including the Chief Commercial Operations Officer and the Chief Business Officer, have left Nykaa this year
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