New Delhi: Soon after the Indian government banned PUBG, Tencent lost $14 billion in market value and its shares fell 2% on Thursday, snapping two straight sessions of gain. Also Read - PUBG Ban: Indian Gaming Industry Not Dependent on One Game, Says ESFI Director
Notably, India is PUBG Mobile’s biggest market, accounting for roughly 175 million installs.
Though PUBG was created by a South Korean gaming company named Bluehole, it was the Chinese gaming company Tencent Games which brought its mobile version. Tencent Games is a part of Tencent Holdings, which is a Chinese multinational conglomerate.
Tencent holds a 10% stake in PUBG’s parent company Bluehole.
One of the most financially successful companies, the company surpassed the market value of US$500 billion in 2018, becoming the first Asian technology company to cross this valuation mark. It has since then emerged as one of Asia’s most valuable companies, and among the world’s top technology companies by market value
Meanwhile, the move by India comes amid fresh border tensions with China in Ladakh when India foiled repeated attempts by Chinese troops to transgress into the Indian side of Line of Actual Control (LAC) with intentions to unilaterally change the status quo.
Earlier on June 29, the government had banned 59 Chinese apps, including hugely popular TikTok and UC Browser, saying they were prejudicial to sovereignty, integrity and security of the country.