The Nazara Technologies Share Price has been fluctuating with rising interest in the gaming sector. Nazara Technologies Ltd shares continued to plummet on Thursday, down 11% to Rs. 1,085. The stock has lost nearly 23% in just two trading sessions, after investor anxieties were raised following the Lok Sabha's passing of the Promotion and Regulation of Online Gaming Bill, 2025.
The bill seeks to criminalize digital betting and prohibit all real-money gaming (RMG) activities involving monetary transactions. In addition, they are also stopping banks and fintechs from processing such payments.
The announcement has rattled gaming stocks, with Nazara one of the few listed players in the sector taking the hardest hit due to its indirect exposure through Moonshine Technology, the operator of PokerBaazi.
Domestic brokerage ICICI Securities downgraded Nazara Technologies to a reduced rating, slashing its price target to Rs. 1,100 from Rs. 1,500 earlier. The firm said it had previously assigned a Rs. 400 valuation to Moonshine in its sum-of-the-parts (SoTP) estimate, but has now cut this to zero following the ban.
“While Nazara’s other businesses, such as gamified early learning, publishing, and gaming arcades, remain unaffected, exposure through Moonshine creates uncertainty in investor sentiment,” said Abhisek Banerjee of ICICI Securities.
Nazara Technologies quickly moved to reassure investors, stating that it has no direct involvement in real-money gaming. According to its latest financial disclosures for Q1 FY26, the company reported that RMG contributed zero revenues and EBITDA.
The Online Gaming Bill 2025 aims to regulate the fast-growing digital gaming industry in India. Nazara clarified that Moonshine is an associate company, in which it has invested about Rs. 805 crore through equity shares and an additional Rs. 255 crore via compulsory convertible instruments.
Platforms like PokerBaazi are expected to be directly impacted by the upcoming regulations. However, as Nazara neither holds a majority stake nor exercises control, Moonshine’s results are not consolidated into its financial statements.
Analysts at ICICI Securities have shared fresh reports highlighting sectoral opportunities. “Accordingly, the company does not anticipate any material adverse impact on its reported revenue or EBITDA from the proposed bill,” Nazara said in a stock exchange filing.
Also Read: Gaming Apps in Danger: India’s New Bill Could Wipe Out Real-Money Apps
The Nazara Technologies Share has gained investor attention due to the rapid growth of the online gaming industry in India. Despite the noise surrounding RMG, Nazara Technologies has consistently maintained a diversified portfolio of gaming and digital media assets.
Its ecosystem encompasses interactive gaming, eSports, gamified learning, and content publishing with well-known brands like World Cricket Championship (WCC), Kiddopia, Sportskeeda, and Halaplay. The company has a presence in the Indian, African, and North American marketplaces.
Although Nazara's operations are essentially unaffected, sentiment among investors, at least in the near term, has soured due to uncertainty surrounding its stake in Moonshine.
Analysts highlight how the stock could remain volatile until investors see more clarity on the implementation of the gaming ban and its long-term impact on the wider industry.
For long-term investors, Nazara's various revenue streams that are not exposed to real-money gaming may provide a cushion, though the overhang of regulatory risks is likely to persist.