Nazara Technologies slipped 3.10% to Rs 658.95 after the Tamil Nadu cabinet approved an ordinance to ban online games with stakes in the state.
The ordinance will become effective following the governor's approval.Tamil Nadu cabinet led by Chief Minister MK Stalin reportedly said that teenagers and adults were losing their entire savings and earnings in these online betting games.
Nazara Technologies is a diversified gaming & sports media platform with presence in India and across emerging & developed global markets such as Africa and North America. It has offerings across the interactive gaming, eSports, ad-tech and gamified early learning ecosystems including World Cricket Championship (WCC) and CarromClash in mobile games, Kiddopia in gamified early learning, Nodwin, PublishMe and Sportskeeda in eSports and eSports media, OpenPlay, Halaplay and Qunami in skill-based, fantasy and trivia games, and Datawrkz in digital ad-tech.
On a consolidated basis, Nazara Tech's net profit rose 22.2% to Rs 16.50 crore on 70% jump in net sales to Rs 223.10 crore in Q1 FY23 over Q1 FY22.
The stock has corrected 12.79% in three consecutive sessions.
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