Paytm Shares Hit Upper Circuit After Vijay Shekhar Sharma Clarifies Saying He Is Not Selling Business To Adani

The Paytm saga continues to unveil a new chapter, a different story, every other day. It was at the beginning of the trading week, that news of Paytm's possible acquisition by Adani Group came to the public domain. According to reports, the company delegates met each other each other.

In a recent development concerning the matter, the company founder Vijay Shekhar Sharma, has come out denying and rejecting any possibility of the acquisition of the fledgeling payment service company, by the Ahmedabad-based conglomerate.

This led to the shares of the company, which had been down in the dumpers, to shoot up. In fact, it surged by 4.99 per cent, hitting the upper circuit. The company's shares reached Rs 359.45, after days and weeks of decline.

When the shares of a company hit the upper circuit, trading on it is stopped for a while, so as to prevent traders from buying into shares at a potentially inflated price. Trading may resume later on, as the shares did not hit the 20 per cent mark, owing to which, usually trading on the shares, is stopped for a day.

In an exchange filing, the company deemed the reports as speculative. In this statement issued on May 29, the company said, With reference to the captioned subject, 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.