Paytm Gautam Adani Deal Update | Vijay Shankar Sharma Paytm termed the news of deal with Adani wrong: Said- No talks on selling stake, Paytm shares rose by 5% today

Paytm’s parent company One97 Communications Limited has made it clear that it is not in talks with Adani Group to sell its stake. Earlier yesterday, media reports were claiming that Paytm Founder and CEO Vijay Shekhar Sharma met Gautam Adani in Ahmedabad on Tuesday to finalize the deal.

One97 Communications Limited issued a statement saying – We want to make it clear that these news are speculations and the company is not involved in any discussion in this regard. Today, on May 29, Paytm’s shares have seen a rise of 5% amid reports of no talks on the deal. It closed at Rs 359.45, up Rs 7.10 (4.99%).

Paytm is going through difficulties
RBI had banned Paytm Payment Bank this year. Due to this, Paytm’s Fastag and Paytm Wallet also got stopped. The company suffered huge losses due to this. So far this year, the company’s shares have seen a decline of 44%.

Paytm’s loss increased by 228%
One 97 Communications has suffered a loss of Rs 550 crore on an annual basis in the fourth quarter of the financial year 2023-24. The loss in the same quarter of the last financial year i.e. 2022-23 was Rs 167.5 crore. That is, the company’s loss has increased by 228%.

The company’s revenue has also declined. Paytm’s revenue from operations in the January-March quarter stood at Rs 2,267 crore. Revenue in the same quarter last year was Rs 2,334 crore. That is, the company’s revenue fell by 3% on an annual basis in the fourth quarter.

Paytm was started in 2009
Paytm’s parent company One97 Communications launched the Paytm payment app in August 2009. Paytm has more than 30 crore users in the country.

Vijay Shekhar’s 19% stake in Paytm
Vijay Shekhar Sharma holds about 19% stake in Paytm. Direct stake in this is 9% and 10% through Resilient Asset Management. In February this year, Soft Bank had sold its majority stake in Paytm.

This Japanese investor’s stake in January was 5%. Whereas during the IPO in 2021, its stake was around 18.5%. Last year, Warren Buffett’s Berkshire Hathaway also reportedly sold its stake in Paytm.