India gaming ban drags Nazara Tech stock down 27.6%
India’s new Online Gaming Bill banning real-money games dragged Nazara Technologies stock down over 27% in four sessions, hitting investor sentiment hard. The company clarified it has no direct exposure to real money gaming, with zero revenue or EBITDA contribution in Q1 FY26. Its only indirect link is a 46.07% stake in PokerBaazi-owner Moonshine, whose financials aren’t consolidated.