Paytm shares jump 5 pc; hit upper circuit limit

PTI, May 29, 2024, 12:20 PM IST

Paytm operator One97 Communications Ltd on Wednesday said it is not in talks to sell a stake to the Adani Group. Adani group has also termed such reports as ”false and untrue.” Commenting on a report that billionaire Gautam Adani was in talks with Paytm CEO Vijay Shekhar Sharma for a possible stake buy, One97 Communications said, the ”news item is speculative and the company is not engaged in any discussions in this regard.”

Separately, an Adani group spokesperson said, ”we categorically deny this baseless speculation. It is totally false and untrue.” Sharma owns 9.1 per cent of Paytm in his personal capacity and another 10.3 per cent through Resilient Asset Management, a foreign entity, as of end-March.

Since shutting its banking unit after falling foul to regulations, Paytm has lost about half of its market value and there have been consistent speculation about it being a potential takeover target.

In February, it was reported to be in talks with billionaire Mukesh Ambani’s Jio Financial Services but both entities had denied the same.

”With reference to the captioned subject, we hereby clarify that the above mentioned news item is speculative and the company is not engaged in any discussions in this regard,” Paytm said in a regulatory filing.

A newspaper reported that Adani Group chairman Gautam Adani is looking to buy a stake in One97 Communications and Sharma met him at his office in Ahmedabad.

Paytm recently reported widening of loss in the fourth quarter of the financial year 2023-24 to Rs 550 crore, following the ban imposed by the Reserve Bank of India (RBI) on transactions related to its payments bank.

The RBI barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.

The company during the reported quarter wrote off Rs 227 crore investment for a 39 per cent stake in PPBL, following future uncertainties associated with the bank’s business operations including the uncertainty of any other regulatory development etc.

Sharma holds 51 per cent in PPBL.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Karnataka govt bans usage of artificial colours in kebabs

Congress Ministers again push for 3 more Deputy CMs in Karnataka

Mangaluru: MP Brijesh Chowta swears oath in the name of Tulu Nadu’s Daivas

Young India for Zimbabwe tour: Gill to lead, Riyan Parag first from NE to get India call-up

BJP to launch programme against 1975 Emergency to ‘expose authoritarianism’ of Congress

PM should have spoken on NEET issue, ‘exam pe charcha’ is long-term commitment to students: Omar Abdullah

Sanskrit, Hindi, Dogri, Odia: Linguistic diversity on display in Lok Sabha as new members take oath

Related Articles More

Biocon Biologics gets EMA nod to produce biosimilar Bevacizumab at Bengaluru plant

Markets tumble in early trade on weak trends from global equities, fresh foreign fund outflows

Japan sanctions Bengaluru-based tech firm for ‘helping’ Russia evade trade restrictions

Taxpayers can amend sales return form before GST payment

Gautam Adani drew Rs 9.26 cr salary in FY24 – lower than his executives, industry peers


What are the first signs of a hernia?


Sapthami Gowda

Yaduveer Wadiyar

Cyanide mallika

Latest Additions

10th UN International Day of Yoga celebrations in Doha

ED arrests 2022 JKSSB sub-inspector exam paper leak case ‘kingpin’

Toy train compartment overturns in Chandigarh mall, 10-year-old boy dies

Karnataka govt bans usage of artificial colours in kebabs

Opposition hits back at PM, claims ‘undeclared emergency’ existed under BJP’s rule

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.