Paytm, Zomato shares rise amid talks on movie ticketing business

Shares of Paytm and Zomato increased in early trade on Tuesday amid discussions between the two companies over Paytm's movie ticketing business.

Zomato in an exchange filing confirmed that it is in talks with Paytm to acquire its movies and events business, but no binding decision has been finalized yet.

Paytm's shares rose by 4 per cent to a high of 442 rupees, while Zomato's shares climbed 1.5 per cent to a high of 189 rupees.

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Zomato to acquire Paytm's movies & events business

Online food delivery platform Zomato said on Sunday that it is in talks with Paytm to acquire the financial technology company's movies and events business.

In a regulatory filing, Zomato said while it is in discussions with Paytm, no binding decision has been taken yet.

"We acknowledge that we are in discussions with Paytm for the aforementioned transaction, however, no binding decision has been taken at this stage that would warrant a board approval and subsequent disclosure in accordance with applicable law," Zomato said.

The company's filing was clarifying on reports that it was in talks to acquire Paytm's movies and ticketing business.

"The above discussion is being undertaken with an intent to further strengthen our going-out business and is in line with our stated position of focusing only on our four key businesses currently," it said.