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Investing.com– Paytm can be intently watched in the course of the Indian market open on Wednesday after a report mentioned that Gautam Adani, chairman of the Adani Group was seeking to take a stake within the fintech agency.
The Instances of India reported that Adani was in late-stage talks with Paytm founder and CEO Vijay Sharma over the conglomerate taking a stake in One 97 Communications Ltd (NS:), which owns and operates Paytm.
Any stake in Paytm will place Adani to push additional into the hotly-contested Indian fintech house, the place it should compete with the likes of Alphabet’s (NASDAQ:) Google Pay, Walmart’s PhonePe and Mukesh Ambani’s Jio Monetary.
A serious stake in Paytm will even be Adani’s largest buy after NDTV and Ambuja Cements. The conglomerate has a number of listed entities in Indian markets, helmed by its flagship Adani Enterprises Ltd (NS:).
The Instances of India report mentioned that negotiations between Sharma and Adani had been occurring for some time, and that the 2 had met in Ahmedabad on Tuesday to finalize an settlement.
Any stake bought by Adani will current a discount, after a collection of regulatory hurdles noticed Paytm shares lose practically half of their worth to this point in 2024.
The inventory was near report lows after largely underperforming since its itemizing in 2021.
This 12 months, the corporate noticed renewed ructions after the Reserve Financial institution of India ordered the agency to wind down its banking unit. Paytm wrote down your entire worth of the unit, and in addition clocked a steep loss within the Jan-March quarter.
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