Tencent loses $14 billion in market value after India bans PUBG mobile

Though PUBG was created by a South Korean gaming company, Tencent, one of China’s biggest gaming company, brought its mobile version.

The list of 118 mostly Chinese apps also includes those from Baidu and Xiaomi’s ShareSave, as India stepped up pressure on Chinese technology firms following a standoff with Beijing at the border.

This marks an estimated $14 billion fall in market value for Tencent only one day after their marquee product, PUBG Mobile, was banned in India. Several other products by Tencent were also banned, which is sure to have made a significant impact.

PUBG Mobile was highly instrumental in making mobile games a legitimate platform for gaming in India. However, the genre of games has seen a lot of innovation over the years, so players have plenty of alternatives to resort to.

Tencent’s listing on China’s stock market has been tumbling since the morning. The stock initially saw a jump from HK $545 to HK $548 in the morning session but has been tumbling since then. It fell to a low of HK $537 before the lunch break and ended on a lower note of HK $533. Analysts are expecting the stock to go further south tomorrow and the day after.