CLSA expects this Jhunjhuwala-backed gaming company stock to crash 41%

A lot of investors on Dalal Street try and fine-tune their portfolio in tandem with marquee investor Rakesh Jhunjhunwala’s investing strategies. Jhunjhunwala, often referred to as India’s Warren Buffett, is said to have a knack for picking multibaggers. But his investment in Nazara Technologies has been mostly a no-show in terms of returns ever since its stellar debut on bourses.

The stock that listed on both BSE and NSE on March 30 at a hefty premium of 80 per cent, has since then failed to offer any returns. It was on the day of listing only that the stock had touched a high of Rs 2,026.90. From then to now, BSE barometer Sensex has moved from 50,000 to over 54,000 levels, up 8 per cent, but shares of Nazara Technologies have declined to Rs 1,855 – down nearly 8.5 per cent.