Paytm shares jumped 5% to hit their upper circuit limit on reports that Adani Group may acquire a stake in the fintech firm. Both companies have denied the reports.
Photograph: @gautam_adani/twitter
New Delhi, May 29 (PTI) Shares of One97 Communications, which owns Paytm brand, on Wednesday morning jumped 5 per cent to hit its upper circuit limit, amid media reports that the Adani Group may acquire a stake in the fintech firm.
The reports have been denied by both the fintech firm and the Adani Group.
The stock climbed 4.99 per cent to Rs 359.55 -- its upper circuit limit -- on the BSE.
At the NSE, it rallied 4.99 per cent to Rs 359.45 -- the highest trading permissible limit for the day.
According to media reports, Adani Group chairman Gautam Adani is looking to buy a stake in One97 Communications, which operates Paytm.
In a clarification to the BSE on news that Adani in talks with Vijay Shekhar Sharma to acquire stake in Paytm, the company on Wednesday said, "with reference to the captioned subject, we hereby clarify that the above mentioned 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," the filing said.
An Adani Group spokesperson said, "We categorically deny this baseless speculation. It is totally false and untrue".
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