Adani Buying Stake in Paytm? BIG Clarification Issued By Vijay Shekhar Sharma-led One 97 Communications After Stock Price Hits Upper Circuit

The news led to a sudden price surge in the share price of the company and trading had to be halted after the stock hit the upper price band on the exchanges.
Adani Buying Stake in Paytm? BIG Clarification Issued By Vijay Shekhar Sharma-led One 97 Communications

Adani Buying Stake in Paytm? BIG Clarification Issued By Vijay Shekhar Sharma-led One 97 Communications

Photo : PTI
Paytm has denied any stake sale to billionaire Gautam Adani and the company is not in talks to any such deal. Vijay Shekhar Sharma-led One 97 Communications clarified the shareholders through an exchange filing on Wednesday morning that the fintech company is not engaged in any such discussions after a report by a news website early in the morning today. The news led to a sudden price surge in the share price of the company and trading had to be halted after the stock hit the upper price band on the exchanges.
Vijay Shekhar Sharma holds a 9.1 per cent stake in Paytm in his personal capacity and another 10.3 per cent through Resilient Asset Management, a foreign entity, as of end-March, exchange data showed.
The company in a regulatory filing, said "we hereby clarify that the news item is speculative and the Company is not engaged in any discussions in this regard. 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."
Meanwhile, the Paytm share price jumped 5 per cent in the early trade to hit the upper price band. At the time of publishing, the counter was trading at Rs 359.45 per share on the National Stock Exchange (NSE). After RBI action on the fintech company's banking unit for falling out of regulations, Paytm has lost nearly half of its market value in the last about four months.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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