Paytm Shares Surge Amid Speculative Report of Gautam Adani’s Interest

by Pooja Chauhan · 29/05/2024

India, Business: Paytm share price today: Shares of One 97 Communications (Paytm) surged by 5 percent on May 29 after reports emerged that Gautam Adani is eyeing a stake in the company. The Vijay Shekhar Sharma-led fintech major, however, dismissed these reports as speculative and clarified that it is not engaged in any discussions with the Adani Group.

In a clarification issued on the stock exchanges, Paytm stated, “We hereby clarify that the abovementioned news item is speculative and the Company is not engaged in any discussions in this regard. We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.”

Following the report, Paytm shares traded 5 percent higher at ₹359.55 on BSE.

Paytm Shares Surge Amid Speculative Report of Gautam Adani's Interest

What the report claimed about Gautam Adani-Paytm talks:

The Times of India reported that Gautam Adani was considering buying a stake in Paytm’s parent company. The report added that he met with Vijay Shekhar Sharma at his office in Ahmedabad to finalize the contours of a deal. Adani was reportedly engaging with West Asian funds to attract them as investors in One 97 Communications, according to sources.

This speculation follows the Reserve Bank of India’s (RBI) ban on Paytm Payments Bank Ltd (PPBL) from several transactions. Paytm reported a ₹549.60 crore loss in the March quarter, up from ₹219.80 crore in the December quarter.

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