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Home » Business » After Paytm, Adani Group denies media reports of buying stake in fintech company

After Paytm, Adani Group denies media reports of buying stake in fintech company

Earlier Paytm, the popular fintech company termed the report "speculative". Paytm informed stock exchanges in a filing that the company is not engaged in any discussions in this regard.

By Newsd
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Adani Enterprises stock down

After the Paytm clarification on media reports that Adani Group Chairman, Gautam Adani was in talks with Paytm founder Vijay Shankar Sharma to buy a stake in Paytm, the Adani Group also clarified and termed the reports false and untrue. “We categorically deny this baseless speculation. It is totally false and untrue,” said a spokesperson of Adani Group to ANI.

Earlier Paytm, the popular fintech company termed the report “speculative”. Paytm informed stock exchanges in a filing that the company is not engaged in any discussions in this regard.

“…We hereby clarify that the abovementioned news item is speculative and the Company is not engaged in any discussions in this regard,” the filing read. “We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.”

In the early hours of Wednesday, a newspaper, quoting unnamed sources, reported that Adani Group chairman Gautam Adani is looking to buy a stake in One 97 Communications, the parent company of Paytm. The report claimed that Paytm founder and CEO Vijay Shekhar Sharma met Gautam Adani at the latter’s office in Ahmedabad on Tuesday to “finalise the contours of a deal”. Now both companies have denied the report and called it speculative and untrue.

According to the news report, Sharma owns about 19 per cent of One 97, which is worth Rs 4,218 crore based on the stock’s Tuesday closing price of Rs 342 per share.

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