PokerBaazi ends real money operations; Nazara Tech shares tumble nearly 5%

Nazara Technologies on Friday, August 22, announced that its associate company, Moonshine Technologies Private Ltd, has ceased offering real-money online gaming operations, in compliance with the Online Gaming Bill passed in parliament.

The gaming firm Nazara Tech holds a 46.07% stake in Moonshine Technologies, the parent company of PokerBaazi.

The parliament passed the bill to ban all forms of online money games and promote eSports and online social gaming, with the Rajya Sabha approving it on August 21, 2025.

“….pursuant to the Promotion and Regulation of Online Gaming Bill, 2025, passed by the Parliament on August 21, 2025, and pending enactment, we wish to inform that, as a matter of abundant caution and in due respect of the Government’s mandate, Moonshine Technologies Private Limited (Moonshine/Pokerbaazi), an associate company in which Nazara Technologies Limited holds a 46.07% stake, has ceased offering real money online gaming operations,” the filing stated.

The company said it will evaluate the future course of action following the enactment of the bill.

“Nazara has no direct exposure to real money gaming (RMG) businesses. As per its latest reported financials (Q1-26), the contribution to revenues and EBITDA by the RMG business is NIL,” the company had noted in a separate regulatory filing a day before the parliament passed the bill.

Its only indirect exposure to RMG was through its 46.07% stake in Moonshine Technologies Private Limited, via 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 contribution to PAT by Moonshine as share of profit & loss by associate is negative in Q1-26,” it had clarified.

Nazara Tech stock performance

Shares of Nazara Tech were trading 4.51% lower at ₹1,150.80 apiece on the National Stock Exchange (NSE) on Friday, after the PokerBaazi announcement. During the day, the stock tumbled 4.98% to the session’s low of ₹1,145.10 per equity share. The stock closed 4.91% lower at ₹1,146 on August 22.

The stock lost 18.21% over the week and 14.39% since the beginning of August. It has slumped 10.90% so far in the second quarter of FY26 and has surged 14.16% on a year-to-date basis.