Paytm share price hits upper circuit despite denial of stake sale to Adani Group

The stock hit an upper circuit of 4.99% at ₹359.45 apiece on the National Stock Exchange (NSE). Its total market capitalisation stood at ₹22,853 crore.

The scrip was up 4.99% at ₹359.55 on the BSE.

Paytm says no talks with Adani Group on stake sale

Paytm on Wednesday called a news report by Times of India "speculative" which claimed that talks are on between Adani Group Chairman Gautam Adani and Paytm Chief Executive Officer (CEO) Vijay Shekhar Sharma to sell a stake in the digital payments company.

In a regulatory filing, Paytm said, "We hereby clarify that the abovementioned 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".

Notably, the report from TOI follows a claim by The Financial Times that the Adani Group is considering applying for a license to operate on India's public digital payments network.

Paytm Q4 results

The financial technology firm had posted a consolidated net loss of ₹550.5 crore in the latest March quarter as against ₹167.5 crore in the same period last year.

The revenue from operations of the company also declined 2.9% to ₹2,267.1 crore in Q4 FY24 from ₹2,334.5 crore in the year-ago period.

For the full financial year 2023-24, the net loss stood at ₹1,422.4 crore, while revenue from operations increased 24.8% to ₹9,977.8 crore.

The company also hinted at layoffs, stating it is working on "significant cost efficiencies," including a leaner organisational structure.