Adani effect! Paytm shares jump 5% on deal talks between Vijay Shekhar Sharma and Gautam Adani
Shares of Paytm surged 5% as Gautam Adani considers investing in the company. Paytm founder met Adani to discuss a potential deal. Adani is also seeking investments from West Asian funds for Paytm, facing challenges after RBI restrictions.
Shares of troubled fintech firm , which runs , on Wednesday, jumped 5% to hit the upper circuit limit at Rs 359.55 on after it was reported that billionaire is likely considering picking up a in the company.Paytm founder and CEO met Adani at his office in Ahmedabad to "finalise the contours of a deal" on Tuesday, The reported today. Sharma owns a 9.10% stake in the company and another 10% through a foreign entity .
Paytm has, however, told exchanges that the report is speculative and that the firm is not engaged in any discussions in this regard.
The ToI report also mentioned that Adani is also trying to get to invest in , which has been in trouble after Paytm Payments Bank Limited from accepting deposits, credit transactions, or top-ups in any customer accounts, wallets, and FASTags from March 15.
In the March quarter, its losses had widened to Rs 550 crore vs Rs 169 crore in the last year's corresponding quarter.
Source: Stocks-Markets-Economic Times
