New Delhi: Digital payments firm Paytm, operated by One97 Communications Ltd., has firmly denied any ongoing discussions with the Adani Group regarding a potential stake sale. The company refuted recent media reports that suggested billionaire Gautam Adani was negotiating with Paytm founder Vijay Shekhar Sharma for a stake in the company.
In an official statement, Paytm clarified, “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.” Adani Group also dismissed these reports as “false and untrue” through a spokesperson.
The initial report, published by the Times of India (TOI), had claimed that Gautam Adani was interested in acquiring a stake in One97 Communications, the parent company of Paytm. According to TOI, Paytm founder and CEO Vijay Shekhar Sharma met with Gautam Adani at the Adani Group’s Ahmedabad headquarters on May 28 to “finalize the contours of a deal.” However, Paytm has categorically denied any such development.
The backdrop to this situation includes regulatory actions taken against Paytm Payments Bank (PPBL) by the Reserve Bank of India (RBI). In March 2024, PPBL was prohibited from onboarding new clients due to “persistent non-compliances and ongoing material supervisory concerns.” Consequently, Paytm’s shares experienced a significant decline, losing more than 50 percent of their value, impacting investors’ wealth.
Market speculation surrounding the Adani Group’s potential interest in Paytm has fueled further interest. One97 Communications’ shares surged by the upper circuit of 5 percent, reaching Rs 359.55 on the Bombay Stock Exchange (BSE) at 09:18 AM on Wednesday.
