Nazara Technologies shares have fallen about 23% in two days, wiping roughly ₹2,800 crore from the Mumbai-listed gaming firm’s market value. The stock slid to around Rs 1,085 on Thursday after India’s Lok Sabha passed the Promotion and Regulation of Online Gaming Bill, 2025, which seeks to outlaw all money-based online games and related financial transactions. The legislation, cleared earlier by the Union Cabinet, criminalises digital betting, prohibits banks and payment firms from processing real-money gaming payments and prescribes penalties of up to three years in jail and fines of as much as Rs 1 crore. While most companies in the segment are unlisted, Nazara is exposed through an investment of about Rs 805 crore in Moonshine Technology, the operator of PokerBaazi. Nazara said real-money gaming contributed no revenue or EBITDA in the June quarter and that Moonshine’s earnings are not consolidated. Nevertheless, ICICI Securities downgraded the stock to ‘reduce’, cutting its sum-of-the-parts valuation for Moonshine to zero and lowering the price target to Rs 1,100 from Rs 1,500, citing the uncertainty created by the bill.