Paytm denies report claiming Gautam Adani stake talks with Vijay Shekhar Sharma: ‘Speculative’

Paytm share price today: Paytm said the reports are speculative and the company is not engaged in any discussions with the Adani Group.

Paytm share price today: Shares of One 97 Communications (Paytm) hit 5 per cent upper circuit limit today (May 29) after it was reported that Gautam Adani is eyeing stake in the company. The Vijay Shekhar Sharma-led fintech major said the reports are speculative and the company is not engaged in any discussions with the Adani Group.

Paytm share price: A QR code for the Paytm digital payment system at a store in Mumbai, India. (Bloomberg)

In a clarification issued on the bourses, Paytm said, "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 per cent higher at ₹359.55 on BSE.

What report claimed on Gautam Adani- Paytm talks?

Times of India reported that Gautam Adani was considering buying a stake in Paytm's parent company. He met with Vijay Shekhar Sharma at his office in Ahmedabad to finalise the contours of a deal, the report added. Adani was engaging with West Asian funds to attract them as investors in One 97 Communications, it claimed citing people in the know.

This comes after the Reserve Bank of India (RBI) banned Paytm Payments Bank Ltd (PPBL) from several transactions. Paytm reported as ₹549.60 crore loss in the March quarter which was from ₹219.80 crore in the December quarter.