Nomura Holdings Inc. shares have tumbled the most since November after reporting earnings that underscored its struggle to move on from one of its toughest financial years.

Japan’s biggest brokerage fell as much as 5.7% on Wednesday morning in Tokyo, the sharpest intraday drop since Nov. 1. Nomura eked out a fourth-quarter profit of ¥31 billion ($242 million), aided by a one-time gain from a stake sale that offset headwinds from geopolitics and inflation that hurt retail and wholesale business.

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