Adani Group, Paytm rule out stake sale

Paytm operator One97 Communications Ltd on Wednesday said it is not in talks to sell a stake to the Adani Group. Adani group has also termed such reports as ‘false and untrue’.

Commenting on a report that billionaire Gautam Adani was in talks with Paytm CEO Vijay Shekhar Sharma for a possible stake buy, One97 Communications said, “the news item is speculative and the company is not engaged in any discussions in this regard.”

Separately, an Adani group spokesperson said, “we categorically deny this baseless speculation. It is totally false and untrue.”

Sharma owns 9.1 per cent of Paytm in his personal capacity and another 10.3 per cent through Resilient Asset Management, a foreign entity, as of end-March.

Since shutting its banking unit after falling foul to regulations, Paytm has lost about half of its market value and there have been consistent speculation about it being a potential takeover target.

In February, it was reported to be in talks with billionaire Mukesh Ambani’s Jio Financial Services, but both entities had denied the same.