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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.
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A newspaper reported that Adani Group chairman Gautam Adani is looking to buy a stake in One97 Communications and Sharma met him at his office in Ahmedabad.
Paytm recently reported widening of loss in the fourth quarter of the financial year 2023-24 to Rs 550 crore, following the ban imposed by the Reserve Bank of India (RBI) on transactions related to its payments bank.
The RBI barred Paytm Payments Bank Limited (PPBL) from accepting deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants from March 15 onwards.
The company during the reported quarter wrote off Rs 227 crore investment for a 39 per cent stake in PPBL, following future uncertainties associated with the bank’s business operations including the uncertainty of any other regulatory development etc.
Sharma holds 51 per cent in PPBL.