Nazara Tech shares plunge nearly 13% as gaming Bill drags sentiment
However, Nazara Tech clarified that the company has no direct exposure to RMG businesses
 "Nazara Tech shares plunge nearly 13% as gaming Bill drags sentiment")
Shares of Nazara Tech fell as much as 12.82 per cent to close at ₹1,221.65 apiece on the BSE on Wednesday after India finalised a draft legislation to ban all forms of online real-money gaming (RMG).
The draft Bill, cleared by the Union Cabinet on Tuesday, is likely to bar “offering, aiding, abetting, inducing, or otherwise in the offering of any online money gaming service and declares it as an offence”.
However, Nazara Tech clarified that the company has no direct exposure to RMG businesses. In an exchange filing, it said it has indirect exposure through its 46.07 per cent stake in Moonshine Technologies (PokerBaazi). Since Nazara Tech does not have majority stake or exercise control in the firm, Moonshine’s revenue is not consolidated in its financial statements and has no impact on the reported revenue, it said. The contribution to PAT by Moonshine as a share of profit and loss by associates was negative in the April-June quarter. Nazara Tech invested ₹805 crore in Moonshine through a mix of cash and stock and also holds compulsory convertible shares worth ₹255 crore.
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