SBI Mutual Fund Sells INR 108 Cr Worth Nazara Shares In Block Deal

Listed gaming major Nazara Technologies saw a large secondary transaction on December 29, with SBI Mutual Fund selling 45.09 Lakh shares through a block deal on the exchanges.

The shares were offloaded at an average price of INR 240.18 per share, valuing the transaction at around INR 108.3 Cr, per NSE data. 

This is one of the largest stake sales for Nazara this year, which has consistently attracted global and domestic institutional investors. Earlier this year, Norges Bank, which manages Norway’s sovereign wealth fund, entered Nazara’s cap table for the first time by buying 7.19 Lakh shares worth nearly INR 70 Cr via bulk deals.

Estate of late investor Rakesh Jhunjhunwala completely exited Nazara earlier this year, selling 13 Lakh shares at INR 1,225.19 each for a sum of INR 159.27 Cr. The stake sale came in June, ahead of the imposition of the real money gaming (RMG) ban imposed by the Indian Government. 

The ban caused significant volatility for the company’s stock, given its over INR 1,000 Cr investment in RMG startup Pokerbaazi. Besides, it also had an impact on the company’s financial performance in the second quarter of FY26.

Nazara slipped into the red in the quarter,  posting a net loss of INR 33.9 Cr, compared to a profit of INR 16.2 Cr in the same quarter last year.

The loss was largely driven by the impairment of Nazara’s investment in real-money gaming startup PokerBaazi. It recognised an aggregate reduction of INR 914.7 Cr in the value of its PokerBaazi investment, bringing it down to INR 96.5 Cr.

Despite the hit, the company said the impairment was exceptional and non-recurring, adding that its standalone net worth remained at INR 2,236 Cr after the adjustment.

Operationally, the business continued to grow. Operating revenue rose 65% year on year to INR 526.5 Cr in Q2 FY26.

Despite near-term headwinds, Nazara has stayed active on the deal-making front. Over the last year, it has doubled down on building a diversified gaming and media portfolio through acquisitions across mobile gaming, esports, adtech and sports content.

Recently, it acquired an additional stake in Sportskeeda parent Absolute Sports, making it a wholly owned subsidiary. Its acquisition roster includes Fusebox Games, Paperboat, STAN, Ninja Global, Freaks 4U and Circle of Games, among others.

Shares of Nazara ended 6.68% higher at INR 253.05 on BSE today.