Why did the shares of Nykaa fall so sharply in the last few days?

Shares of FSN e-Commerce Ventures (Nykaa) again came under pressure falling 9% to touch a new low of Rs.1,371. Trading volumes at 2.8 million have nearly doubled. In the last one month, the stock has fallen 34% and it currently trades almost 48% below its post listing high price of Rs.2,574. There was some pressure on numbers. For period to Dec-21, Nykaa reported 23% lower PAT even as the EBITDA margins fell by a good 213 bps to 4.5%. The redeeming features was revenues up 65% at Rs.2,801 crore.