Shares of One97 Communications, the owner of the Paytm brand, surged 5 per cent to reach its upper circuit limit on Wednesday morning. This was in response to media reports suggesting that the Adani Group might acquire a stake in the fintech firm. Both One97 Communications and the Adani Group have denied these reports.
The stock rose 4.99 per cent to Rs 359.55, hitting its upper circuit limit on the BSE. On the NSE, it also rallied 4.99 per cent to Rs 359.45, reaching the highest trading permissible limit for the day.
Media reports indicated that Gautam Adani, the chairman of the Adani Group, is interested in purchasing a stake in One97 Communications, the company behind Paytm. However, in a clarification to the BSE, the company stated that the news of Adani being in talks with Vijay Shekhar Sharma to acquire a stake in Paytm is speculative and that the company is not engaged in any such discussions.
An Adani Group spokesperson dismissed the speculation as “baseless” and “totally false and untrue.”