Jio Financial not in talks to buy Paytm's wallet business, firm pans reports

Jio Financial Services "has not been in any negotiations" to acquire Paytm's wallet business, it said in a clarification to the exchanges.

"We clarify that the news item is speculative and we have not been in any negotiations in this regard," JFSL said in a regulatory filing late in the night. Following the report, shares of the NBFC, which got demerged from parent entity RIL and listed on stock exchanges last year, ended 14% higher at Rs 289 on BSE.

Paytm has also panned the reports, calling them speculative. The fintech said it was not in talks regarding acquisition.

JFSL ended 14% higher at Rs 289 on BSE after reports that the NBFC was in talks with One97 to acquire its wallet business. 

The Mukesh Ambani-led financial services provider issued a statement to clarify the reports. 
"We have always made and will continue to make disclosures in compliance with our obligations," the company said. Paytm has also been asked to clarify on the report. 

Paytm shares have fallen 42% in just 3 days and eroded Rs 20,500 crore worth of investor wealth. The stock ended Monday's session at Rs 438.35 on BSE at all-time low levels.

RBI is reportedly considering cancelling the banking licence as well on possible money laundering and know-your-customer (KYC) violations at Paytm.