Paytm Denies Rumour Of Stake Sale To Adani; Stock Hits 5% Upper Circuit

One 97 Communication (Paytm) hit 5 per cent upper circuit in the Wednesday trading session after the fintech firm denied media reports of selling stake to Adani firm.

Paytm stock hit 5 per cent upper circuit at Rs 359 in the morning session on the National Stock Exchange (NSE).

Hours after a media report claimed that Adani Group Chairman Gautam Adani was in talks with Paytm founder Vijay Shankar Sharma to buy a stake in Paytm, the popular fintech company termed the report "speculative".

Paytm informed stock exchanges in a filing that the company is not engaged in any discussions in this regard.

"We hereby clarify that the abovementioned news item is speculative and the Company is not engaged in any discussions in this regard," the filing read.

“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.”

The news report claimed that Paytm founder and CEO Vijay Shekhar Sharma met Gautam Adani at the latter's office in Ahmedabad on Tuesday to "finalise the contours of a deal".

According to the news report, Sharma owns about 19 per cent of One 97, which is worth Rs 4,218 crore based on the stock's Tuesday closing price of Rs 342 per share. (ANI)