Reports suggested that Mukesh Ambani’s Jio Financial Services is planning to acquire Paytm’s wallet business. Now, Jio Financial Services’ has revealed in a regulatory filing that it is not in talks with Paytm to acquire the wallet service.
Mukesh Ambani is the richest person in the country with a massive net worth of Rs 929925 crore. He is involved in a range of business through subsidiaries of Reliance Industries which is the most valuable company in India with a market cap of Rs 1947000 crore. Last year, Reliance Industries carved out Jio Financial Services and it got listed in August last year. Mukesh Ambani has big plans for Jio Financial Services and he plans to add a range of new services to the platform. As one of the country 's biggest fintech firms Paytm is going through a turbulent phase, reports suggested that Mukesh Ambani’s Jio Financial Services is planning to acquire Paytm’s wallet business. Now, Jio Financial Services’ has revealed in a regulatory filing that it is not in talks with Paytm to acquire the wallet service.
"We clarify that the news item is speculative and we have not been in any negotiations in this regard," Mukesh Ambani’s Jio Financial Services’ said in regulatory filing. For those who are unaware, RBI has banned Paytm Payments Bank Ltd (PPBL) from further deposits or credit transactions or top ups in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29. The move from RBI comes after a Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action.
Since the ban from RBI, Paytm shares have fallen 42% in just 3 days and the investors have lost around Rs 20,500 crore in the process. The stock ended Monday's session at Rs 438.35 on BSE at all-time low levels.
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