New Delhi: Shares of One97 Communications, which owns the Paytm brand, jumped 5 per cent on Thursday to touch its upper circuit limit for the second consecutive session amid reports that Adani and Paytm are acquiring stake in the fintech company. Were in talks to do.
However, One97 Communications Ltd on Wednesday said it is not in talks to sell stake to Adani Group, while the Gujarat-based group also termed such reports as "false and untrue".
The stock rose 4.99 per cent to Rs 377.40 and Rs 377.50 - its upper circuit limit - on the NSE and BSE respectively.
As of the end of March, Paytm founder Vijay Shekhar Sharma held 9.1 percent stake in Paytm in his personal capacity and 10.3 percent through Resilient Asset Management, an overseas entity.
Since the closure of its banking unit following regulatory violations, Paytm has lost almost half of its market value and there is constant speculation about being a potential takeover target.In February, billionaire Mukesh Ambani was reported to be in talks with Zee Financial Services, but both entities had denied this.
Paytm recently reported loss widening to Rs 550 crore in the fourth quarter of financial year 2023-24 following restrictions imposed by the Reserve Bank of India (RBI) on its payments bank-related transactions.
Keeping in mind the interest of customers including merchants, RBI has barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer account, wallet and Fastag from March 1.
During the reported quarter the company wrote off investment of Rs 227 crore for 39 per cent stake in PPBL due to uncertainties related to future operations of the bank including any other regulatory developments etc.Sharma holds 51 percent stake in PPBL.
However, One97 Communications Ltd on Wednesday said it is not in talks to sell stake to Adani Group, while the Gujarat-based group also termed such reports as "false and untrue".
The stock rose 4.99 per cent to Rs 377.40 and Rs 377.50 - its upper circuit limit - on the NSE and BSE respectively.
As of the end of March, Paytm founder Vijay Shekhar Sharma held 9.1 percent stake in Paytm in his personal capacity and 10.3 percent through Resilient Asset Management, an overseas entity.
Since the closure of its banking unit following regulatory violations, Paytm has lost almost half of its market value and there is constant speculation about being a potential takeover target.In February, billionaire Mukesh Ambani was reported to be in talks with Zee Financial Services, but both entities had denied this.
Paytm recently reported loss widening to Rs 550 crore in the fourth quarter of financial year 2023-24 following restrictions imposed by the Reserve Bank of India (RBI) on its payments bank-related transactions.
Keeping in mind the interest of customers including merchants, RBI has barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer account, wallet and Fastag from March 1.
During the reported quarter the company wrote off investment of Rs 227 crore for 39 per cent stake in PPBL due to uncertainties related to future operations of the bank including any other regulatory developments etc.Sharma holds 51 percent stake in PPBL.
