Ban on free fire in India gave a big blow to this Chinese company, drowned more than Rs 1.20 lakh crore

It was founded by Forrest Li, who was born in China, but is now a citizen of Singapore. Its largest shareholder is Chinese social media giant Tencent Holdings Ltd.

These apps have been banned under Section 69A of the IT Act.

The central government on Monday Free Fire including 54 Chinese Apps (Chinese App Ban, But banned. Chinese company Sea Ltd has suffered a major setback after India’s sudden ban on the most popular mobile gaming title. In one day his wealth decreased by Rs 1.20 lakh crore. Investors are concerned that the ban could be the beginning of the company’s troubles. Let us tell you that the government has issued new orders banning more than 54 Chinese apps as a threat to the privacy and security of Indians.

Singapore-based Sea Limited went public in 2017 and became the most valuable company in Southeast Asia based on its ability to expand its gaming, e-commerce and financial services offering. The startup was founded by Forrest Li, who was born in China but is now a citizen of Singapore. Its largest shareholder is Chinese social media giant Tencent Holdings Ltd.

More than 300 Chinese apps have been banned in two years

India has banned hundreds of Chinese apps over the past two years, but the expansion in that policy surprised management and investors. Investors are concerned that India could potentially impose sanctions on Shopee, another of Sea’s businesses. By December, it had about 300 employees and 20,000 local vendors.

According to a Live Mint report, Lee assured shareholders at its annual general meeting on Monday that the company was holding onto the situation. He did not comment on the free fire ban in India.

The news is being updated..