In its third blocking order after rising geo political situation between India & China, Modi-led Indian government has banned 118 Chinese applications including the widely popular PubG in our nation. Earlier in July, Indian regime has banned TikTok along with 59 Chinese linked apps. The latest development has come down as big blow for PubG’s parent company, Tencent Holdings, which lost more than 2% of share price in a day.
According to official data, India has recorded a whopping 175 million downloads of PubG, out of 734 million across over world. It is 24% of PubG’s lifetime downloads. Having seen a 2.02% dip in share price, Tencent has lost around $14 billion in a day, which is the second biggest fall of share price in recent times.
Other factors have impacted the stock price heavily from last couple of months and Bloomberg has reported that net valuation of Tencent fell by more than $35 billion between late July and early days of August.
In the meanwhile, Soft Bank (which holds a stake in TikTok’s parent company Bytedance) is in discussions with Reliance group and Bharati Airtel Ltd to sell of its Indian operations.
This post was last modified on 3 September 2020 11:54 pm
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