Adani Group Chairman Considers Buying Stake in Paytm, Company Issues Clarification

Shares of Paytm have surged for the second consecutive session following reports that Adani Group chairman, Gautam Adani, is contemplating acquiring a stake in One97 Communications, the parent company of Paytm.

The stock reached an upper circuit of 5% to hit ₹401.55 on the Bombay Stock Exchange (BSE) today. This rise came after it had also hit the upper circuit of 5% on the previous trading day.

In response to these reports, Paytm issued a clarification stating that the discussions mentioned were to be speculative, and the company was currently not engaged in any talks regarding Adani’s stake acquisition.

The market capitalization of Paytm rose to ₹24,001 crore today, with the stock hitting a 52-week low of ₹310 on May 9 and a high of ₹998.30 on October 20.

Dolat Capital has reportedly forecasted an upside potential of over 70% in a year for Paytm, suggesting a price target of ₹650 for the stock. YES Securities has revised its own price target to ₹450, indicating a positive outlook on the company’s future performance.

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