Adani effect! Paytm shares jump 5% on deal talks between Vijay Shekhar Sharma and Gautam Adani
One 97 Communications, which runs Paytm, on Wednesday, jumped 5% to hit the upper circuit limit at Rs 359.55 on BSE after it was reported that billionaire Gautam Adani is likely considering picking up a stake in the company.
Paytm founder and CEO Vijay Shekhar Sharma met Adani at his office in Ahmedabad to «finalise the contours of a deal» on Tuesday, The Times of India reported today. Sharma owns a 9.10% stake in the company and another 10% through a foreign entity Resilient Asset Management.
Paytm has, however, told exchanges that the report is speculative and that the firm is not engaged in any discussions in this regard.
The ToI report also mentioned that Adani is also trying to get West Asian funds to invest in Paytm, which has been in trouble after RBI barred Paytm Payments Bank Limited from accepting deposits, credit transactions, or top-ups in any customer accounts, wallets, and FASTags from March 15.
In the March quarter, its losses had widened to Rs 550 crore vs Rs 169 crore in the last year's corresponding quarter.
(You can now subscribe to our ETMarkets WhatsApp channel)
Read more on economictimes.indiatimes.com
