Jio Financial Denies Talks to Acquire Paytm’s Wallet Business, Dismissing Recent Reports

JFSL Shares Surge 14% to Rs 289 on BSE Amid Reports of Talks with One97 for Wallet Business Acquisition.

Jio Financial Services has clarified that it is not engaged in any negotiations to acquire Paytm’s wallet business, as stated in a clarification to the stock exchanges.

Jio Financial Services issued a regulatory filing stating that the news about negotiations for acquiring Paytm’s wallet business is speculative. The NBFC’s shares, demerged from RIL and listed last year, closed 14% higher at Rs 289 on BSE after the report.

Both Paytm and Jio Financial Services have dismissed reports of acquisition talks, labeling them as speculative.

Paytm clarified that it was not engaged in any discussions regarding an acquisition. Despite the reports, JFSL shares closed 14% higher at Rs 289 on BSE.

In response to the reports, the financial services provider led by Mukesh Ambani issued a statement emphasizing its commitment to compliance and disclosure obligations.

Meanwhile, Paytm, which has seen a 42% drop in shares over three days, amounting to a loss of Rs 20,500 crore in investor wealth, has been asked to provide clarification on the matter. The Paytm stock closed at an all-time low of Rs 438.35 on BSE by the end of Monday’s session.

Reports suggest that the Reserve Bank of India (RBI) is contemplating the cancellation of Paytm’s banking license due to potential violations related to money laundering and know-your-customer (KYC) norms.

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