Overview
- Presidential assent on August 22 made the Promotion and Regulation of Online Gaming Bill, 2025 law, restricting online money games and encouraging eSports and social formats.
- Moonshine Technologies’ PokerBaazi suspended paid play in response to the law, and Nazara owns a 46.07% stake in the associate.
- Nazara shares slid 17.52% across three sessions through Friday as investors repriced regulatory and associate exposure.
- ICICI Securities downgraded the stock to reduce, cut its target to Rs 1,100, and assigned zero value to Moonshine in its valuation model.
- Nazara said RMG contributed nothing to Q1 FY26 revenue and expects no material near-term impact on reported revenue or EBITDA, though Moonshine reported Rs 192 crore revenue and a Rs 73.9 crore EBITDA loss in Q1.