Nazara Technologies Faces Tumult Amidst Online Gaming Bill

Shares of Nazara Technologies and other gaming firms plunged as investors reacted to a proposed regulation banning money-based online games. The Online Gaming Bill has sparked uncertainty, leading to significant losses for these stocks. Nazara's associate company halted real money gaming operations in compliance with the pending bill.

Shares of Nazara Technologies fell by over 3% on Monday, marking a total decline of 20% over four days. This drop follows investor concerns surrounding a proposed regulation that targets money-based online games.

By Monday, Nazara's stock price had plummeted 20.37% on the BSE since the prior Wednesday, closing at Rs 1,115.80. Other gaming firms followed suit, with Delta Corp and OnMobile Global also experiencing declines.

According to Hariprasad K, founder of Livelong Wealth, the upcoming Online Gaming Bill has triggered anxiety among investors, compelling Moonshine Technologies, an associate of Nazara, to halt real money gaming in anticipation of the regulatory changes.

(With inputs from agencies.)