PUBG Owners Lose Rs 1 Lakh Crore In 24 Hours Due To Ban In India; Tencent Stocks Tumble, Investors Panic

PUBG Owners Lose Rs 1 Lakh Crore In 24 Hours Due To Ban In India; Tencent Stocks Tumble, Investors Panic
PUBG Owners Lose Rs 1 Lakh Crore In 24 Hours Due To Ban In India; Tencent Stocks Tumble, Investors Panic

In the third phase of banning Chinese apps in the country, this time a total of 118 Chinese apps, the Chinese gaming powerhouse PUBG found itself on this list, issued on Sept 2.

The magnitude of how important a market India was to the Chinese tech giant Tencent (owner of PUBG) was witnessed in the company’s share valuation, a day after the Indian government banned the app, along with 117 other apps.

Tencent Loses Market Valuation of $14 Billion

India is among PUBG’s biggest markets, with over/roughly a total of 175 million downloads, until June 2020, which makes up for 24% of PUBG’s lifetime download of a total of 734 million.

According to the information provided by Sensor Tower, a data intelligence platform, India was the highest contributor in PUBG’s downloads in the month of August.

With the Indian government banning PUBG on Wednesday, Tencent’s stock value fell by 2.2% at HK$533 yesterday in the afternoon, snapping two straight sessions of gain.

In addition, Tencent lost $14 billion in market value.

Tencent’s Feat

Originally created by a South Korean gaming company Bluehole, PUBG’s mobile version was bought by the Chinese gaming company Tencent Games.

Tencent games is a part of the Chinese multinational conglomerate, Tencent Holdings.

Tencent Holdings became the first Asian company to cross the market valuation mark of US$500 billion in 2018. 

It has become one of the most valuable companies in Asia and among the world’s top technology companies, in terms of market value.

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