From Investing.com: 2024-05-28 23:22:53

Adani Group’s chairman Gautam Adani is in talks with Paytm founder Vijay Sharma to take a stake in the Indian fintech firm, One 97 Communications Ltd. This move will position Adani to compete with Google Pay, PhonePe, and Jio Financial in the fintech space. Adani’s major stake in Paytm will be his biggest purchase yet, following NDTV and Ambuja Cements.

Negotiations between Sharma and Adani have progressed, with a potential agreement being finalized in Ahmedabad. The reported stake purchase by Adani comes at a bargain, as Paytm shares have plummeted due to regulatory hurdles. Paytm has underperformed since its 2021 listing, facing challenges like the RBI’s order to wind down its banking unit and incurring losses in the last financial quarter.



Read more at Investing.com: Paytm shares surge, hit 5% upper circuit amid Adani stake speculation By Investing.com