New Delhi, Aug. 28 -- India's new Online Gaming Act has thrown the gaming industry off balance. Real-money gaming platforms have been hit hardest, and several listed companies have seen their stocks tumble in response. Among them was Nazara Technologies, which saw its stock fall nearly 20% from its 52-week high.

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This is strange, because Nazara's core business does not rely on real-money gaming at all and the company only has indirect links to it. Last year it invested Rs.832 crore for a 47.7% stake in Moonshine Tech, the parent company of Pokerbaazi. With the new bill halting such platforms, the market fears Nazara may have to write off the entire investment.

Beyond that, the company's revenue streams remain globally dive...