Nazara Technologies claims online gaming bill unlikely to impact financials; shares fall nearly 7%

Gaming company Nazara Technologies said on Wednesday that the proposed Promotion and Regulation of Online Gaming Bill, 2025, will not have any material impact on its operating financial performance, as the company has no direct exposure to real money gaming (RMG).

In a stock exchange filing, the Mumbai-based company said RMG contributed nothing to its revenues in the first quarter of FY26. The company has indirect exposure to RMG through a 46.07% stake in Moonshine Technologies, the operator of PokerBaazi.

“As Nazara does not hold a majority stake or exercise control, Moonshine’s revenue is not consolidated in the company’s financial statements and has no impact on the company’s reported revenue or Ebitda,” the filing said.


The company has invested a total of Rs 805 crore in Moonshine through cash and stock, along with compulsory convertible shares amounting to Rs 255 crore.

The clarification comes amid concerns around the draft bill, which is expected to be tabled in Parliament on Wednesday. The legislation, cleared by the Union Cabinet on Tuesday, proposes to promote e-sports and casual online games while prohibiting money gaming formats such as fantasy sports, digital rummy and online poker.

Nazara’s shares fell nearly 7% to Rs 1,307.6 in early trade on the BSE, after hitting an intraday low of Rs 1,302.4.

Industry associations have urged home minister Amit Shah to intervene, warning that a blanket ban on RMG could cripple the sector, cost the exchequer nearly Rs 20,000 crore annually in taxes, and drive millions of users to offshore platforms lacking consumer protection.