Nazara Tech has seen nearly ₹2,700 crore of its market value vanish in just two sessions as investors rushed to dump the stock, despite the company insisting that the new Online Gaming Bill won’t hurt its revenue.
After a sharp 15% decline on Wednesday, the stock fell an additional 8% on Thursday, closing at ₹1125 apiece. With that, the Mumbai-based gaming firm’s market capitalisation dropped from ₹13,150 crore to ₹10,450 crore in just 48 hours, making shareholders nervous about what lies ahead.
New Online Gaming Bill
The slide comes after the Lok Sabha passed the Online Gaming Promotion and Regulation Bill 2025 on Wednesday. The bill proposes a ban on real money games (RMGs) where players put in hefty sums hoping to win cash prizes.
The law doesn’t stop there. It also seeks to ban advertisements for such games and prohibits banks and financial institutions from processing transactions linked to them. Anyone found violating these rules could face strict action.
Nazara’s Clarification
Nazara Technologies quickly issued a clarification to calm investor nerves. The company said it has no direct exposure to the RMG segment. However, it does hold an indirect stake—a 46.07% share in Moonshine Technologies Pvt. Ltd., the parent company of PokerBaazi.
Importantly, Nazara highlighted that since it neither holds a majority stake nor exercises control over Moonshine, that business is not consolidated in Nazara’s financial statements. This means PokerBaazi’s performance has no direct impact on Nazara’s reported revenue.
Nazara has invested around ₹805 crore in Moonshine through a mix of cash and stock and also holds compulsory convertible shares worth ₹255 crore.
