Paytm Denies Stake Acquisition Talks with Adani Group

Paytm Dismisses Speculation on Potential Stake Acquisition by Adani Group

One97 Communications Limited, the parent company of Paytm, has firmly denied any discussions with the Adani Group about a potential stake sale. This clarification comes in response to a report suggesting that billionaire Gautam Adani was negotiating with Paytm CEO Vijay Shekhar Sharma to acquire a stake in the digital payments firm.

In a statement filed with the stock exchange, Paytm declared, “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.” Similarly, the Adani Group categorically denied the rumors, labeling them as baseless and untrue.

The speculative report had claimed that Sharma had met with Adani, chairman of the ports-to-power conglomerate Adani Group, to finalize details of a deal. It also suggested that ongoing discussions involved potential investments from West Asian funds into Paytm.

Despite the denials, Paytm's shares rose by 5%, while shares of Adani Enterprises, the flagship company of the Adani Group, decreased by 0.4%. According to exchange data, Vijay Shekhar Sharma personally holds a 9.1% stake in Paytm and an additional 10.3% through Resilient Asset Management, a foreign entity, as of the end of March.