Tencent loses $34 billion in two days after India bans PUBG Mobile

The Chinese technology giant Tencent has lost nearly $34 billion of its market after the Indian government banned the company’s popular game PlayerUnknown’s Battlegrounds (PUBG) Mobile.

The Business Insider India reported that this is the second biggest dip in Tencent’s valuation since Bloomberg reported that the company lost $66 billion last month when US President Donald Trump banned WeChat.

“Tencent takes the protection of user privacy and data seriously. Our apps have always remained in compliance with applicable data protection laws in India and all other markets where we operate. We look forward to engaging Indian authorities to clarify our long-established policy and action in protecting user data, and hope to ensure the continued availability of our apps in India ” the company said in an emailed statement to Business Insider India.

India has banned 118 Chinese apps in India. In addition to PUBG Mobile, Arena of Valor, Chess Run, and Ludo World have also been blocked in the country.

According to the reports, PUBG had over 50 million active users in India.

The latest move comes after the ministry of electronics and information technology of India banned 59 chines apps including TikTok in late June following the rise of border tensions between the two countries.