News Formal

Indian online gaming companies' shares fall on 28% tax blow

  • 📰 Reuters
  • ⏱ Reading Time:
  • 8 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 6%
  • Publisher: 97%

Australia News News

Australia Australia Latest News,Australia Australia Headlines

Shares of Indian online gaming firms Nazara Technologies , Onmobile Global , and Delta Corp slid on Wednesday, a day after the government imposed a 28% tax on the funds collected by online gaming companies from customers.

Some industry representatives said the tax would eat into earnings despite Finance Minister Nirmala Sitharaman saying the decision was taken after consultation with states and had no intent to hurt the industry.on Wednesday that the tax will apply only to the skill-based real money gaming segment of its business, which they say contributed 5.2% to consolidated revenue in fiscal year 2023.

Nazara and Delta have risen 21.6% and 15.9%, respectively, so far this year as of Tuesday's close, while Onmobile has fallen 11.9%.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in AU
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Indian shares open higher ahead of inflation data, earningsIndian shares opened higher on Wednesday, tracking Asian peers, with investors eyeing both domestic and U.S. inflation data for June as the quarterly results season kicks off.
Source: Reuters - 🏆 2. / 97 Read more »