Rekha Jhunjhunwala sold Nazara before gaming ban but Nikhil Kamath, Madhusudan Kela held on

Rekha Jhunjhunwala exited her 7.06% stake in Nazara Technologies in June 2025, ahead of the government’s gaming ban that hit the stock.

Her Rs 334 crore exit also marked the closure of late Rakesh Jhunjhunwala’s stake in the company.

Other marquee investors, including Madhusudan Kela and Nikhil Kamath, continue to hold stakes despite regulatory concerns.

ICICI Securities downgraded Nazara, citing Moonshine exposure, though the company clarified RMG has no revenue contribution to its financials.