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Paytm hits 5% upper circuit for third consecutive session. Here's why
Paytm share price: Paytm shares have been gaining since reports claimed that Gautam Adani might be considering acquiring a stake in Paytm's parent company.
Paytm share price: Paytm parent One97 Communications shares hit a 5 per cent upper circuit today (May 31). This comes as a block deal involving 75.20 lakh shares, representing a 1.2 per cent stake in the company, took place on the exchanges.
Read more: Paytm layoffs: Company may cut jobs of 5,000-6,300 employees amid crisis
The block deal was worth a total of ₹296.30 crore and the average floor price of the transaction was also at a premium of 3.6 per cent, Moneycontrol reported.
Read more: Paytm denies report claiming Gautam Adani stake talks with Vijay Shekhar Sharma: ‘Speculative’
Paytm shares have been gaining since reports claimed that Adani Group chairman Gautam Adani might be considering acquiring a stake in Paytm's parent company, One97 Communications.
Read more: Gautam Adani in talks with Vijay Shekhar Sharma to acquire stake in Paytm: 'Finalising contours of deal'
Paytm issued a clarification and dismissed the report as mere speculation saying, "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."
Likewise, the Adani Group also refuted the media report, as they categorically denied the reports as baseless speculations.
