Paytm Denies Adani Deal Rumors: Shares Surge 5%
Paytm’s Parent Company Clarifies It’s Not Selling Stake
One97 Communications Limited, the parent company of Paytm, has made it clear that it is not currently selling its stake. Earlier, there were media reports claiming that Gautam Adani, the chairman of the Adani Group, was in talks with Paytm’s founder and CEO Vijay Shekhar Sharma to buy a stake in the company.
In response to this matter, One97 Communications Limited issued a statement stating that they want to clarify that this news is false, and the company is not involved in any discussions regarding this matter. Paytm’s shares have seen a 5% increase today, trading at ₹359.45, up by ₹7.10 (4.99%).
Paytm Facing Challenges in Market
The Reserve Bank of India (RBI) has imposed a ban on Paytm Payments Bank this year. As a result, Paytm’s Fastag and Paytm Wallet have also been suspended. This has caused significant losses to the company. This year, the company’s shares have seen a decrease of 48.97%. Its share has dropped from ₹704 to ₹359.
Paytm’s Losses Increase by 228%
One97 Communications Limited has incurred a loss of ₹550 crore in the fourth quarter of the financial year 2023-24. This is a significant increase compared to the loss of ₹167.5 crore in the same quarter of the previous financial year 2022-23. This means that the company’s losses have increased by 228%.
The company’s revenue has also decreased. In the January-March quarter, Paytm’s revenue was ₹2,267 crore, compared to ₹2,334 crore in the same quarter last year. This indicates a 3% decrease in the company’s revenue on an annual basis.
Paytm Started in 2009
Paytm’s parent company, One97 Communications, launched the Paytm payment app in August 2009. Currently, Paytm has over 30 crore users in the country. Paytm’s market cap is ₹22.39 billion.
