Nazara Tech crashes 13% as Online Gaming Bill likely to weigh on its investment in Moonshine
The Lok Sabha on Wednesday passed legislation to ban online games played with money as it looks to check rising instances of addiction, money laundering and financial fraud through such applications.
The Promotion and Regulation of Online Gaming Bill, 2025, also seeks to prohibit advertisements related to online money games as well as bars banks and financial institutions from facilitating or transferring funds for any of such games.
Nazara tanked 12.82% to settle at Rs 1,221.65 apiece on the BSE. During the day, it dropped 15.97% to hit an intraday low of Rs 1,177.45.
Similarly, OnMobile Global's stock declined 3.53% to settle at Rs 53.27 apiece while Delta Corp, which tumbled 6.47% to Rs 87.24 in intra-day trade bounced back and ended at Rs 93.83 each, up 0.59%.
Nazara shares remained under pressure even as it issued a clarification stating that the company has no direct exposure to real money gaming (RMG) businesses and that it does not anticipate any material adverse impact on its operating financial performance (revenue or EBITDA).
'As per its latest reported financials (Q1-26), the contribution to revenues and EBITDA (earnings before interest, taxes, depreciation and amortisation) by RMG business is NIL," the company said in a filing to the BSE. The company's only indirect exposure to RMG is through its 46.07% stake in Moonshine Technologies Private Limited (PokerBaazi), it added.
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