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Shares of gaming major Nazara nosedived more than 7% to touch INR 1,300 during the intraday trading session on the BSE today.
The drop in the stock’s price came after the Union Cabinet approved the Online Gaming Bill on August 19. The bill, which aims to regulate betting apps and impose strict checks on gambling, will be tabled in the Lok Sabha today.
At the time of writing, Nazara’s market capitalisation stood at INR 12,041 Cr with more than 60 Lakh shares traded hands by 12:34 PM. The stock was 7.23% lower on the BSE at last check.
While the bill would be a big blow for gaming companies, Nazara said that the proposed Promotion and Regulation of Online Gaming Bill, 2025, will not have any material impact on its operating financial performance. The company also said that it has no direct exposure to real money gaming (RMG).
Notably, the Bill seeks to bring online gaming platforms under a legal framework and introduce penalties for gambling via digital apps. Sources told Inc42 that the draft norms plan to prohibit all real money games, irrespective of whether they are games of chance or skill or both. The only exception granted has been for esports competitions.
(The story will be updated soon)
The post Nazara Shares Plunge 7% After Online Gaming Bill Gets Cabinet Nod appeared first on Inc42 Media.
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