SBI Mutual Fund has trimmed its holding in Nazara Applied sciences by means of giant open-market bulk offers, even because the listed gaming main reported robust working development alongside a pointy revenue swing amid regulatory-linked impairments.

In accordance with alternate knowledge, SBI Mutual Fund bought a complete of 90.09 lakh fairness shares of Nazara on December 29, throughout each the NSE and BSE, at a mean value of round Rs 240 per share.

The mixed transaction was valued at roughly Rs 216 crore.

Previous to the sale, SBI Mutual Fund held about 5.78% of Nazara’s paid-up fairness. Following the transaction, its stake declined by roughly 2.43 share factors to about 3.35%.

Earlier in 2025, Norges Financial institution, which manages Norway’s sovereign wealth fund, acquired 7.19 lakh shares of Nazara by means of bulk offers at a mean value of round Rs 970 per share, valuing the acquisition at near Rs 70 crore. Individually, the property of late investor Rakesh Jhunjhunwala exited the corporate earlier within the yr.

The exit was executed by means of a number of market transactions, together with the sale of about 27.23 lakh shares on June 13, at costs round Rs 1,225 per share, for whole proceeds of roughly Rs 330–335 crore, forward of regulatory developments affecting the real-money gaming phase. The newest stake sale comes towards the backdrop of a unstable quarter for Nazara.

In Q2 FY26, the corporate reported working income of roughly Rs 526.5 crore, up 65.1% from Rs 318.9 crore within the corresponding quarter final yr, reflecting continued development throughout its core gaming and media companies.

Nevertheless, the company reported a net loss of about Rs 34 crore in Q2 FY26, in contrast with a web revenue of roughly Rs 16 crore in Q2 FY25.On a half-yearly foundation, Nazara’s profitability weakened sharply. For H1 FY26, the corporate reported a considerably decrease consolidated revenue from persevering with operations in contrast with H1 FY25, primarily because of distinctive objects and regulatory-driven changes.

The loss was largely pushed by a one-time, non-recurring impairment linked to regulatory modifications in India’s on-line gaming sector. Following the enactment of the Promotion and Regulation of Online Gaming Act, 2025, Nazara recognised an mixture impairment of roughly Rs 914.7 crore within the worth of its funding in Moonshine Know-how Non-public Restricted, the father or mother firm of on-line poker platform PokerBaazi. In consequence, the carrying worth of the funding was decreased to about Rs 96.5 crore.

The corporate said that its standalone web value remained sturdy at round Rs 2,236 crore after accounting for the impairment.

In August 2025, Nazara formally referred to as off its plans to accumulate a further minority stake in Moonshine Know-how, citing the identical regulatory modifications governing on-line and real-money gaming in India.