Paytm denies report of stake sale deal with Adani Group

One97 Communications Limited, the parent company of Paytm, has categorically denied being in any discussions with the Adani Group regarding a potential stake sale.

This statement comes after a report suggesting that billionaire Gautam Adani was negotiating with Paytm CEO Vijay Shekhar Sharma to acquire a stake in the digital payments firm.

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"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," Paytm said in a regulatory filing.

Despite the company's denial, Paytm's shares jumped 5%, while Adani Enterprises, the flagship company of the Adani Group, saw its shares dip 0.4%.

The RBI barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.