Nazara shares plunged after India's Gaming Bill threatened real‑money gaming, prompting a broker downgrade and concern.

• Bill bans all real‑money games, limits advertising, and bars bank transactions, imposing heavy penalties.
• Nazara clarified RMG contributed zero revenue, only an indirect 46% stake in Moonshine, not consolidated currently.
• Invested ₹805 cr cash/stock and ₹255 cr convertible shares in Moonshine, yet the financial impact is minimal on results.