Updated May 29th, 2024 at 14:42 IST

Paytm refutes claims of Adani Group acquiring stake to enter FinTech sector

The reports suggested that Adani is planning to enter the fintech sector, positioning it to compete with Google Pay, Walmart-owned PhonePe.

Reported by: Business Desk
Paytm | Image:Shutterstock
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Paytm denies Adani stake report: One97 Communications, the parent company of Paytm, has denied the recent reports according to which Paytm founder and CEO Vijay Shekhar Sharma met with Adani Group Chairman Gautam Adani at his office in Ahmedabad to "finalise the contours of a deal. " 

The reports suggested that Adani is planning to enter the fintech sector, positioning it to compete with Google Pay, Walmart-owned PhonePe, and Mukesh Ambani's Jio Financial.

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However, Paytm has completely denied the new report labelling it as speculative and negating the existence of any such dialogue between One 97 Communications and any other entity. 

Reacting to the news report, the FinTech major in a Bombay Stock Exchange filing, stated, “We clarify that the abovementioned news item is speculative and the Company is not engaged in any discussions in this regard.”

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In February, RBI barred Paytm’s banking partner and sister company, Paytm Payments Bank, from conducting banking activities starting in March. The abrupt decision halted Paytm’s array of banking services, compelling the company to establish new partnerships with other banks to maintain these services. Following the decision, the shares of One97 Communications hit multiple consecutive lower circuits, wiping off significant investor wealth within days. 

The shares of the company closed on Tuesday at Rs 342.45 apiece with a pre-opening indicative price of Rs 359.55 apiece. 

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(This is a developing story)

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Published May 29th, 2024 at 09:04 IST