Big Bets, Bold Exits: Nazara, Honasa and Entero Lead a High-Stakes Day of Bulk Deals in Indian Markets

India’s stock markets closed the year with a flurry of high-value bulk and block deals that offered a revealing snapshot of how institutional investors, promoters and long-term funds are repositioning themselves across gaming, healthcare, consumer brands and manufacturing. December 29, in particular, stood out as a day when large-ticket exits did not dampen investor confidence, and in some cases, even sparked fresh optimism.

At the centre of the action was Nazara Technologies, India’s only listed pure-play gaming company, where a significant stake sale by a marquee institutional investor coincided with a sharp rally in the stock. Alongside Nazara, meaningful ownership changes were also seen in Entero Healthcare Solutions, Honasa Consumer, Mangalam Drugs and Organics, and BirlaNu, underscoring the breadth of investor activity as the calendar year draws to a close.

Nazara Technologies: Big Exit, Bigger Confidence

SBI Mutual Fund pared its exposure to Nazara Technologies by selling a 2.4 percent equity stake through open market transactions, raising over ₹216 crore. According to bulk deal data disclosed by the exchanges, the fund sold 45.09 lakh shares at ₹240.18 per share and another 45 lakh shares at ₹240.03 per share.

Despite the sizeable sell-off, the market response was anything but negative.

Nazara’s shares surged 6.7 percent to close at ₹253.30 on the NSE, following a period of consolidation over the previous few sessions. The rally signalled strong investor belief in the company’s long-term prospects, even as a large institutional holder chose to book profits.

As of September 2025, SBI Mutual Fund held a 5.78 percent stake in Nazara, making the December transaction a partial exit rather than a complete withdrawal. Market participants read the move as portfolio rebalancing rather than a vote of no confidence in the gaming and sports media platform, which continues to benefit from India’s growing digital entertainment economy.

Entero Healthcare: Global Fund Exits, Domestic MF Steps In

Another closely watched transaction played out in Entero Healthcare Solutions, a healthcare products distribution platform. Shares of Entero ended the session at a new closing low of ₹949.20, down 0.35 percent, even as large investors reshuffled their positions.

Smallcap World Fund Inc, owned by US-based Capital Group, exited a 5.2 percent stake by selling 22.69 lakh shares at ₹950 per share, amounting to a deal worth ₹215.6 crore. The fund had held a 5.42 percent stake in the company as of September 2025, making this a near-complete exit.

Interestingly, the exit was met with a near-matching entry by a domestic institutional investor. ICICI Prudential Mutual Fund acquired 21.82 lakh shares, equivalent to a 5.01 percent stake, at the same price of ₹950 per share, investing ₹207.29 crore.

The transaction highlighted a familiar trend in Indian markets: overseas funds trimming exposure while domestic mutual funds step in to absorb supply, reinforcing the growing role of Indian institutional capital.

Honasa Consumer: Promoter Shows Confidence with ₹50 Crore Bet

In the consumer brand space, Honasa Consumer, the parent company of Mamaearth, also saw a notable ownership change—this time led by its promoter.

Shares of Honasa rose 3.18 percent to ₹277, after co-founder Varun Alagh purchased an additional 18.51 lakh shares, representing a 0.56 percent stake, through a block deal worth nearly ₹50 crore. The shares were acquired at ₹270 per share from Fireside Ventures Investment Fund I.

As of September 2025, Fireside Ventures held a 1.93 percent stake in Honasa. The transaction was seen as a strong signal of promoter confidence at a time when many digital-first consumer brands are navigating a more disciplined capital environment.

Mangalam Drugs: Vijay Kedia’s Entry Sparks Upper Circuit

Smaller-cap stocks were not left out of the day’s action. Mangalam Drugs and Organics hit a 5 percent upper circuit at ₹24.96, likely buoyed by the entry of ace investor Vijay Kedia.

Kedia Securities acquired 1.37 lakh shares, equivalent to a 0.87 percent stake, at ₹24.15 per share, investing about ₹33.27 lakh. While the transaction size was modest compared to the day’s larger deals, the involvement of a well-known long-term investor was enough to spark strong buying interest in the stock.

BirlaNu: Promoter Reshuffle Drives Sharp Rally

The most dramatic price movement of the day came from BirlaNu—earlier known as HIL—the building materials company of the CK Birla Group. The stock jumped 11.71 percent to close at ₹1,695.20, supported by heavy trading volumes.

The surge followed a significant internal restructuring of promoter holdings. Birla Chandrakant acquired 29.28 lakh shares, representing a 38.83 percent stake, at ₹1,517.5 per share, for a total consideration of ₹444.3 crore. The shares were purchased from promoter group entities including Shekhavati Investments and Traders, Gwalior Finance Corporation, Central India Industries, Ashok Investment Corporation, and Amer Investments Delhi.

In a separate transaction, Birla Chandrakant also bought 79,666 shares at ₹1,569.36 per share for ₹12.5 crore, while Hitaishi Investments sold 67,066 shares at ₹1,575.64 per share for ₹10.56 crore.

The market interpreted the consolidation of promoter ownership as a positive signal, reinforcing confidence in the company’s strategic direction.

A Year-End Snapshot of Investor Sentiment

Taken together, the bulk deals on December 29 reflected a market that remains active, selective and deeply nuanced. Large exits, such as SBI Mutual Fund’s stake sale in Nazara or Smallcap World Fund’s exit from Entero, did not automatically translate into stock weakness. In several cases, they were offset by strong buying from other institutional investors or promoters themselves.

As 2025 draws to a close, these transactions underline a key theme shaping India’s startup and listed new-age company ecosystem: capital is still available, but it is increasingly discerning—and confidence, when signalled clearly, continues to find a willing audience in the market.