Mobile Premier League to lay off 60% India staff after govt ban on paid games
Bengaluru: Mobile Premier League (MPL), one of India’s largest online gaming platforms, will lay off about 60% of its local workforce following the government’s decision to ban paid online games, a company source said.
According to a report published by The Hindu, the layoffs will affect around 300 of MPL’s 500 India employees across marketing, finance, operations, engineering and legal. The report says that this is the first major industry reaction to the new law by government, which banned online paid games this month, citing risk of financial losses and addiction among youth.
The move has shaken an industry that had been projected to grow to $3.6 billion by 2029 and has attracted investments from Tiger Global and Peak XV Partners. MPL and rival Dream11 gained popularity by offering fantasy cricket games with cash rewards.
In an internal email to staff on Sunday, MPL CEO Sai Srinivas said, “With a heavy heart we have decided that we will be downsizing our India team significantly.” While he did not mention the number of job cuts, he added that India contributed about 50% of MPL’s revenues, and that “this change would mean that we would no longer be making any revenue from India in the near future.”
MPL will now focus on free-to-play games in India while strengthening its presence in the U.S. market. The company was last valued at $2.3 billion in 2021, according to Pitchbook, and had an India revenue of around $100 million last year. It also operates free-to-play games in Europe and offers paid games in the U.S. and Brazil.
Meanwhile, rival Dream11, valued at $8 billion, has also shut down its fantasy cricket operations. Several other poker and rummy apps have suspended services. Last week, gaming firm A23 challenged the ban, though MPL and Dream11 have opted against legal action and MPL declined to comment on Reuters’ queries.
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Rupee rebounds from record low; gains 1.6 pc to 93.19 against US dollar
Mumbai (PTI): The rupee recovered 151 paise from its record low level to trade at 93.19 against the US dollar in early deals on Thursday, backed by the Reserve Bank's move to restrict banks' net open position in the onshore forward delivery market.
The domestic unit, however, faced pressure due to unabated withdrawal of foreign capital, strengthening dollar and rising crude oil prices amid volatile geopolitical situation, forex analysts said.
At the interbank foreign exchange, the rupee opened at 94.62 and rose sharply to 93.19 against the US dollar in early deals, registering a gain of 151 paise or 1.6 per cent from its previous close.
The local currency breached the 95 level on Monday before closing at 94.70 versus the greenback. It had settled at a historic low of 94.84 against dollar on Friday, prompting the RBI to intervene.
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Through its circular dated March 27, 2026, RBI capped the net open position on the Indian rupee for banks at USD 100 million, mandating compliance by April 10.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.32 per cent higher at 99.77.
Brent crude, the global oil benchmark, was trading at USD 106.06 per barrel, up 4.84 per cent, in futures trade.
On the domestic equity market front, Sensex tumbled 1,312.91 points or 1.80 per cent to 71,821.41 in early trade, while the Nifty slumped 410.45 points or 1.81 per cent to 22,383.40.
Foreign institutional investors sold equities worth Rs 8,331.15 crore on a net basis on Wednesday, according to exchange data.
"The high crude price, the widening trade deficit, the fear of declining remittances and sustained FPI selling are acting cumulatively to put high pressure on the rupee," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Since the beginning of the West Asia war on February 28, 2026, the rupee has depreciated over 4 per cent. During the fiscal year ended March 2026, the currency has declined nearly 10 per cent against the US dollar.
Government data released on Wednesday showed that the government's GST revenues grew about 9 per cent in March, scaling to the pre-tax cut level of over Rs 2 lakh crore, the third highest monthly collection in the 2025-26 fiscal, buoyed by mop-ups from imports as well as domestic sales and purchases.
