Nazara Tech shares plunged 4% as Tamil Nadu’s Govt approves ban on online gaming
By MYBRANDBOOK
Nazara Technologies witnessed a drop of 3.10% to Rs 658.95 in its shares after the Tamil Nadu cabinet approved an ordinance to ban online games with stakes in the state. The Tamil Nadu cabinet led by CM MK Stalin reportedly said that teenagers and adults were losing their entire savings and earnings in these online betting games.
Nazara Technologies shares were trading 3.07 percent lower at Rs 659.15 on BSE. In the run-up to the government’s decision, the stock has slipped 10 percent in the last five days, and in 2022 (year-to-date), it has erased almost 45 percent of investors’ wealth as against the benchmark Sensex, which has dropped close to 3 percent during the period.
Nitish Mittersain, Founder and Joint Managing Director at Nazara Technologies, said, “Skill-based real-money gaming business has largely operated in an unclear, unregulated environment. Players like ourselves have found it difficult to make large investments in the space, without clarity on taxation. Therefore, we've been asking for clarity for a long time, so we can double down on this opportunity.”
Nazara Technologies is a diversified gaming & sports media platform with presence in India and across emerging & developed global markets such as Africa and North America. It has offerings across the interactive gaming, eSports, ad-tech and gamified early learning ecosystems including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin, PublishMe and Sportskeeda in eSports and eSports media, OpenPlay, Halaplay and Qunami in skill-based, fantasy and trivia games, and Datawrkz in digital ad-tech.
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