Paytm at 5% UC

Paytm is undoubtedly the newsmaker currently on the markets; from its close of yesterday at Rs.342.45, the stock opened itself at its 5% UC of the day at Rs.359.55 where it now remains frozen.

The loud buzz around the stock is that Adani Group chairman, Gautam Adani, is looking at acquiring a stake in Paytm's parent company, One 97 Communications. This was unconfirmed news broken by Times of India.

News is that Paytm founder and CEO Vijay Shekhar Sharma (holds 19% stake) met the Adani Group chief yesterday at his Ahmedabad headquarters to finalise the contours of a deal.

Paytm issued a clarification this morning, denying this news, saying that the abovementioned news item is speculative and the company is not engaged in any discussions in this regard.