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One97 Communications Limited, the parent company of Paytm, has denied being in talks with the Adani Group regarding a potential stake sale.

Earlier today, The Times of India reported that billionaire Gautam Adani was in discussions with Paytm CEO Vijay Shekhar Sharma to buy a potential stake in the digital payments firm.

According to the report, Sharma met Adani at his office in Ahmedabad on Tuesday to discuss the final details of the deal.

However, Paytm has refuted these claims in a statement filed with the exchanges.

“…we hereby clarify that the above mentioned news item is speculative and the company is not engaged in any discussions in this regard,” the statement said.

The news of a potential stake sale comes amid separate reports of Adani mulling an expansion into Fintech via UPI and co-branded credit cards, and to ecommerce via ONDC.

These new verticals are expected to be integrated into Adani’s consumer app, Adani One, as per reports. Currently, the app offers travel-related services like flight and hotel bookings.

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Paytm parent One 97 Communications’ shares, which have suffered heavy losses due to regulatory sanctions by the Reserve Bank of India on its subsidiary Paytm Payments Bank, saw a 5% spike to Rs 359.45 on Wednesday.