Fin Min assurance goes in vain

Mumbai, NT Bureau: Shares of Indian online gaming companies, including Nazara Technologies, On mobile Global, and Delta Corp, experienced a decline on Wednesday following the government's decision to impose a 28% tax on funds collected by online gaming firms from customers.

Industry representatives expressed concerns about the impact on earnings, despite Finance Minister Nirmala Sitharaman's assurance that the decision was made in consultation with states and was not intended to harm the industry.

Shares of Nazara Technologies and Onmobile Gaming initially fell by as much as 14.2% and 8.9% respectively before partially recovering, while Delta Corp slipped 10% to hit its lower circuit.

Nazara Technologies and Delta Corp had witnessed gains of 21.6% and 15.9% respectively this year as of the previous day's closing, while Onmobile had experienced a decline of 11.9%.