Shares of Sazara Technology slipped due to the fall in the stock making investors rich in one day
Highlights
Shares of Nazara Technology fell more than 3 percent in a day.
Earlier on September 9, this stock had climbed 16 per cent in a day.
Nazara Technology is an online gaming and sports media platform.
Mumbai. Due to a decision of the Tamil Nadu government, the share of gaming company Nazara Technology fell more than 3 percent in a day. In fact, the MK Stalin government has passed an ordinance to ban online gaming in the state. After this decision, selling dominated the stock of online gaming company Nazar Technology today.
The Tamil Nadu cabinet led by Chief Minister MK Stalin on September 26 approved an ordinance to ban online games in the state. According to the official statement, the ordinance will take effect after the approval of the governor.
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Nazara Technology’s stock continued to rise
Nazara Technology is an online gaming and sports media platform, providing interactive gaming and e-sports services in emerging and developed global markets such as Africa and North America, apart from India. The stock of gaming and sports media platform Nazara Technology has given tremendous returns in the last few months. Earlier on September 9, this stock had climbed 16 per cent in a day.
The goal of this company is now to move ahead in its field and plans to expand its business across the world. The company recently acquired a 100 percent stake in US-based interactive entertainment company WildWorks for $10.4 million in a completely cash transaction. The company’s annual report released on 7 September said that the company is at the forefront of the business in the online gaming sector and is confident of its better performance going forward. Market experts are also bullish on Nazara Technology’s growth and share price.
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The stock of Nazara Technology was listed in March last year. Currently, this stock is trading below its IPO price band of ₹ 1,101. Since August this year, Nazara’s shares have seen a lot of rally. Within a month, this stock has gained about 13 percent.
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Tags: online games, stock market today, Tamil nadu
FIRST PUBLISHED : September 27, 2022, 15:44 IST
