CLSA puts sell rating on Rakesh Jhunjhunwala-backed Nazara; stock tanks 12%

CLSA initiated coverage on Nazara Tech with a Sell rating and target price of Rs 1,095, citing hefty premium valuation

Shares of Nazara Technologies tanked 12 per cent to Rs 1,463.75 on the BSE in intra-day trade on Friday, amid heavy volumes, after the foreign brokerage firm CLSA initiated coverage on the stock with a Sell rating and target price of Rs 1,095, citing hefty premium valuation. The stock was trading close to its 52-week low level of Rs 1,412.50 hit on April 12, 2021. It had hit a high of Rs 2,026.90 on its stock market debut day, March 30, 2021.

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