Online Gaming Companies Stocks: After the GST Council announced 28 percent GST for the online gaming industry, the shares of online gaming companies are witnessing a steep fall in the Indian stock market. Indian online gaming firms Nazara Technologies, OnMobile Global and Delta Corp registered sharp declines. On Wednesday, the shares of these online gaming firms are trading in the stock market with a tremendous decline.
What do gaming industry experts say?
Finance Minister Nirmala Sitharaman said after the GST Council meeting yesterday that the decision has been taken after discussions with the states and the government has no intention of harming the gaming industry. Despite this, many representatives of the gaming industry say that this 28 percent GST will eat into the earnings of companies.
Know what Nazara Technologies said
Nazara Technologies has said that this 28 percent tax will be applicable only on the skill based real money gaming segment of the company. This contributes 5.2 per cent of their total consolidated revenue for FY2023. The company also said that it has estimated the impact of the tax hike on the company.
How much is the decline in which company
Shares of Nazara Technologies were down by 14.2 per cent and are currently trading at Rs 677.50 per share. Shares of OnMobile Global were trading down by 8.9 per cent and are currently seen at Rs 76.40 per share. The maximum decline of 22.70 percent is being seen in the shares of Delta Corp and it is at the rate of Rs 190.70 per share. Although in this year so far, 21.6 percent jump was seen in Nazara Technologies and 15.9 percent in Delta Corp, but in today’s decline, their momentum has been lost.
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