Sea Ltd SE is trading higher Tuesday as the stock rebounds after falling Monday on reports suggesting the company's "Free Fire" game was banned in India.
A Bloombeg report, citing people with knowledge of the matter, says India has banned 54 apps because of Chinese security concerns.
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 GOOG Google Play store. The title has been largely responsible for Sea's significant growth in recent years.
The Ministry of Electronics and Information Technology in India reportedly banned apps belonging to large Chinese technology firms like Tencent Holdings Ltd TCEHY and Alibaba Group Holding Ltd BABA as well.
Sea shares fell significantly on the news yesterday, but the stock has recovered almost all of its losses today.
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 $372.69 over a 52-week period.
The stock was up 15.3% at $148.96 at time of publication.
Photo: courtesy of Sea.
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