India’s only listed gaming firm may write down the value of its investment in a popular poker game as a ban on online betting apps looks imminent in the country.

Nazara Technologies Ltd.’s $122 million investment in PokerBaazi stands to be written down or provisioned for now, Chief Executive Nitish Mittersain told Bloomberg over the phone on Thursday. The company’s shares pared losses to 1.4% after falling as much as 11% in early Mumbai trade, extending the previous day’s decline.

“It’s still early days, and I’ll have to sit with my auditors, but we tend to be conservative in our accounting,” Mittersain said.

Nazara Technologies owns a 46.1% stake in Moonshine Technologies Pvt. Ltd., which operates the poker platform. The firm sees no impact on its revenue or EBITDA since Moonshine’s revenue is not consolidated in the company’s financial statements.

On Thursday, the Parliament cleared the Promotion and Regulation of Online Gaming Bill, 2025, to prohibit promotion and operation of online money gaming apps. The move threatens the $3.8 billion sector that supports about 200,000 jobs, according to industry bodies. The associations representing the firms have written to Prime Minister Narendra Modi saying that a ban would benefit illegal offshore gambling operators.

The implementation of the bill would “essentially make online real money gaming infeasible in India,” ICICI Securities wrote in a note.

Mittersain said PokerBaazi’s team will meet shortly to discuss ideas to pivot the business, including international expansion or technology licensing.

The bill also formally recognizes esports as a sport, a positive for Nodwin Gaming in which Nazara Technologies holds a stake.

Nazara owns games such as Kiddopia, Animal Jam and World Cricket Championship, none of which will be affected by the new law. In the three months through June, the company doubled its revenues from the previous year. None of that revenue comes from real money gaming, the CEO said.

ALSO READ | Real Money Out, Esports In: Online Gaming Bill Set To Become Law | 5 Points

“This does not destabilise our business in any way—we can continue operating without any disruption,” Mittersain said. “Once in a while we take a moonshot, we need those to move the needle, we will take this in stride and move ahead.”