Sea Ltd (NYSE:SE) is trading lower Monday after a Bloomberg report suggested the company's "Free Fire" game was banned in India.
The report, citing people with knowledge of the matter, says India has banned 54 apps because of Chinese security concerns.
The Ministry of Electronics and Information Technology in India banned apps belonging to large Chinese technology firms like Tencent Holdings Ltd (OTC:TCEHY) and Alibaba Group Holding Ltd (NYSE:BABA) as well.
Sea's battle royale shooter game, Free Fire, is among the world’s most popular mobile games with more than a billion downloads on Alphabet Inc's (NASDAQ:GOOG) Google Play store. The title has been largely responsible for Sea's significant growth in recent years.
JPMorgan analyst Ranjan Sharma maintained Sea with an Overweight rating and lowered the price target from $420 to $250.
Sea is an internet company focused on digital entertainment, e-commerce and digital financial services.
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SE Price Action: Sea has traded as low as $119.41 and as high as $139.64 over a 52-week period.
The stock was down 14.7% at $134.97 at time of publication.
Photo: courtesy of Sea.
