India’s Nazara Tech said on Friday its associate firm, Moonshine Technologies, which operates PokerBaazi and other card-based platforms, has ceased offering online games played with money.
Shares of the company extended losses after the announcement and were trading 3.6% lower.
Moonshine’s move follows a slew of firms suspending online games played with money, including WinZO, Mobile Premier League and Zupee after India’s parliament passed a bill to ban such online games, citing high financial risks and psychological harm.
India’s Nazara Tech set for record two-day fall after India moves to ban online money games
Head Digital Works, which operates A23 Rummy and A23 Poker, also said it has closed all online money games.
Nazara shares have fallen about 17% since Wednesday after Reuters reported plans for the proposed bill.
“The company will evaluate the future course of action following the enactment of the bill,” Nazara said.
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