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BusinessPaytm denies reports of Adani stake buy talks; shares surge 5%

Paytm denies reports of Adani stake buy talks; shares surge 5%

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Paytm denies stake sale speculation; shares surge

One of 's leading digital payments platforms, Paytm, has dismissed reports claiming that it is in talks with Adani Group for a stake sale deal. In a stock exchange filing, Paytm termed such reports as “speculative” and clarified that it is not engaged in any discussions regarding a potential stake transaction.

As per recent rumors circulating in financial circles, billionaire Gautam Adani was looking at acquiring an equity stake in Paytm. It was alleged that Paytm founder Vijay Shekhar Sharma had travelled to Adani's hometown Ahmedabad to finalize the contours of the transaction. However, both Paytm and Adani Group have refuted these claims firmly.

An Adani spokesperson categorically denied the “baseless speculation”, calling it “totally false and untrue”. Paytm also maintained in its filing that it will continue making timely disclosures as per regulatory norms if any such development occurs, but currently there is no truth to ongoing speculation.

On the stock exchange, Paytm shares reacted positively to the company's clarification. The stock hit the upper circuit limit of 5%, closing at Rs. 359.55 on the BSE. This development comes months after the RBI imposed restrictions on Paytm Payments Bank's operations over compliance issues.

Going forward, investors and analysts will be keenly watching for any updates from Paytm on its strategic roadmap and partnerships. But for now, the payments major has quelled rumors of an impending acquisition by Adani Group through its transparent statement on stock exchanges. The speculation seems wide off the mark based on complete denials from both the involved parties.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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