Rekha Jhunjhunwala Exits Nazara Ahead of Gaming Bill, Sparks Debate on Social Media

Rekha Jhunjhunwala has fully exited Nazara Technologies, selling her stake for ₹770 crore weeks before the Online Gaming Bill became law. Her move sparked a social media debate, while Nazara faces fresh headwinds due to its indirect exposure to real-money gaming through PokerBaazi.

Ace investor Rekha Jhunjhunwala has fully divested her stake in Nazara Technologies Ltd, just weeks before the government passed the landmark Online Gaming Bill 2025, sresulting in both market ripples and heated online debate.

Jhunjhunwala, who manages the portfolio of her late husband Rakesh Jhunjhunwala, offloaded the entire holding in early June 2025 through multiple tranches. Bulk deal data from BSE and NSE show the estate sold nearly 27.2 lakh shares, including 13 lakh shares at an average price of Rs 1,225.19 apiece on June 13. The stake sale reportedly fetched around Rs 770 crore, translating into nearly fourfold returns for the estate.

The timing of her exit has since become a talking point. Nazara shares have dropped nearly 19% in the past month and 14% since her sale, wiping out more than Rs 1,700 crore in investor wealth. On August 23, the stock closed at Rs 1,155.75, down 4.13% from the previous session.

The divestment coincided with the passage of the Online Gaming Bill, which marks India’s first nationwide regulation of the sector. The law encourages e-sports and casual formats but imposes a complete ban on real-money games, advertisements, and related financial transactions. Violations attract penalties of up to Rs 1 crore and jail terms of three years.

While Nazara is largely focused on e-sports, gamified learning, and casual gaming across India, Africa, and North America, it holds indirect exposure to real-money gaming through its associate Moonshine Technologies, the parent of PokerBaazi. 

Moonshine reported Rs 192 crore in revenue but a loss of Rs 73.9 crore in Q1 FY26, with PokerBaazi alone accounting for 35% of Nazara’s valuation. Analysts warn that the new regulations could weigh on Nazara’s outlook.

Social Media reaction

On social media, Jhunjhunwala’s move triggered debate. Some users claimed her timely exit reflected the “privilege of the rich” in accessing early information, while others argued it was simply prudent portfolio management given regulatory headwinds. 

The account @Stock_marketIND, which highlighted her stake sale, clarified that no evidence of insider trading exists, pointing instead to possible portfolio rebalancing.

Despite recent volatility, Nazara shares have delivered over 37% returns in five years and nearly 22% in the past year, keeping investor interest alive.

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