By March 2025, Rekha Jhunjhunwala held a 7.06% stake in Nazara, amounting to 61.8 lakh shares. On June 13, she sold her entire holding, including 13 lakh shares on the BSE and another 14 lakh shares on the NSE, at an average price of around Rs 1,225 per share, valuing the transaction at nearly Rs 334 crore.
Her complete exit also closed the chapter on the late Rakesh Jhunjhunwala’s 10.82% holding in the company, which she had inherited.
In contrast, other prominent investors have stayed put. Madhusudan Kela continues to hold 10.96 lakh shares (1.18%), while Nikhil Kamath, through Kamath Associates, owns 15.04 lakh shares (1.62%).
Their decision to remain invested comes even as Nazara’s exposure to the space through Moonshine Technology (PokerBaazi) has triggered investor worries following the regulatory clampdown.
In light of the regulatory turbulence for the company, brokerage firm ICICI Securities has downgraded Nazara to reduce, cutting its target price to Rs 1,100 from Rs 1,500, and assigning zero value to its earlier Rs 400 Moonshine estimate in the wake of the ban.“Nazara’s other verticals such as gamified early learning, publishing and gaming arcades remain unaffected,” the brokerage said.Nazara, for its part, clarified that it has no direct exposure to real money gaming (RMG) and that Moonshine’s revenue is not consolidated into its financials.The company emphasized that RMG contributed nothing to its Q1 FY26 revenues and said it does not anticipate any material adverse impact on its reported revenue or EBITDA.
Still, the sharp market reaction shows how sentiment has soured for gaming companies with any perceived RMG linkages.
Against that backdrop, Rekha Jhunjhunwala’s early exit now appears well-timed, insulating her portfolio from the current selloff. She continues to remain one of India’s most prominent investors, with publicly disclosed holdings in 25 stocks valued at nearly Rs 38,918 crore, according to Trendlyne data.
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