Shares of Nazara Technologies have nosedived by 26.65% in just eight sessions, falling from ₹1,450 to ₹1,063.45, after the government passed the Promotion and Regulation of Online Gaming Act, 2025, banning all real-money online gaming. On Monday, the stock dropped another 8% in early trade on the BSE.
Investor Rekha Jhunjhunwala, who once held over 7% in the company, had fully exited by June 2025, ahead of the ban. She sold her 61.8 lakh shares at an average price of ₹1,225, netting about ₹334 crore. Her exit came before the regulatory shock hit the industry.
Nazara clarified it has no direct exposure to the real money gaming (RMG) business. Its indirect exposure is limited to its 46.07% stake in Moonshine Technologies (PokerBaazi), which has since ceased RMG operations.
Founded in 1999 and listed in 2021, Nazara remains a prominent player in e-sports and digital entertainment. With a market cap of around ₹10,000 crore, its future now hinges on navigating India’s new gaming laws while retaining investor confidence.
