Market ends in losses, investors lose Rs 7.4 lakh crore in a single session
At close, the Sensex was down 523 points or 0.73 per cent at 71,072.49, and the Nifty was down 166.50 points or 0.76 per cent at 21,616.
One of the most valued gaming platforms, Mobile Premier League (MPL), has suffered huge losses for the second consecutive financial year. In the year 2022, the gaming app reported losses of about $149.3 mn.
Notably, the gaming platform registered about $48.3 million loss in FY21. Now, the figure has grown by more than three times as compared to the previous year.
According to a report by Inc42, the Singapore-based parent company of MPL, M-League Pte Ltd.’s revenue for operations just saw a 29 per cent increase. Whereas the total expenses of the company hiked by 116.2 per cent as advertising and promotional expenses spiked 81 per cent.
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The mobile gaming which was founded in 2018 sponsors several games national as well as international level. It has about 90 million users across India, Indonesia, Europe, and the US.
Previously, the company laid off several employees from its Indonesian operations and it left Indonesia’s market.
The co-founders of the company said, “We have made the decision to wind down our Indonesia operations and shut down the streaming product on the MPL app. We have invested significant resources and capital over the last three years into our Indonesian operations.”
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