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However, the developers have refuted the allegations reported by various media platforms. Their statement added that the drop was likely due to a single sell order of over $2 million by a large token holder that affected the price.

"With huge projects coming under roadways, including metro projects and irrigation & water infra projects, these sectors are likely to witness good traction in awarding activity along with building quality infrastructure," the brokerage firm pointed out.

“The markets have been in the fair zone. There is some risk in the markets because of an earnings downgrade and to that extent, there could be some downside in the markets going forward. At least for the next one quarter or so, I think it would be quite volatile.”

According to a recent report in June, the brokerage called the company a jack of many games but master of one, as barring eSports, Nazara is not a dominant player in any of the other segments.

Led by continued strength in the retail and SME segment, credit growth had accelerated to about 12.1 per cent YoY in the middle of June.NIM or net interest margin is expected to grow since the yield on advances would have moved up faster than the cost of deposits due to repo rate-linked loans getting re-priced immediately.

The CASA deposits saw YoY growth of 55 per cent and quarter-on-quarter (QoQ) growth of 7 per cent to Rs 10,548 crore. The figure stood at Rs 9,855 crore in March 2022 quarter and at Rs 6,793 crore in the June quarter last year.

A total of 14,278 shares changed hands on the counter till 01:04PM (IST).

The company said it witnessed revenue growth of over 115 per cent YoY for India operations and 65 per cent for Middle East operations. Larger peer Titan Company, on the other hand, has reported revenue growth of 207 per cent YoY (excluding bullion sales) for the segment on a low base.

The Relative Strength Index of the stock stood at 53.74 on Thursday.

The Relative Strength Index of the stock stood at 57.91 on Thursday.