Jio Financial Services, Paytm, Jio and Paytm

Jio to Acquire Paytm? JFS share price all-time high at Rs 295

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Mukesh Ambani led Jio Financial Services share price touched its all-time high at 295.7 on Monday and closed at 13.91% higher at 289.05. For more such information and possible Paytm acquisition read the report.

Big Rally for Jio Financial Services

Jio Financial Services (JFS) witnessed an impressive surge of over 13% in Monday’s trade, reaching a new pinnacle at Rs 295.7 per share on the BSE. The excitement surrounding this boost was fueled by reports hinting at JFS engaging in discussions to acquire Paytm’s wallet business. Adding to the intrigue, HDFC Bank emerged as another contender vying for ownership of the fintech wallet business.

As the trading day concluded, JFS shares closed 13.91% higher at Rs 289.05 each, contributing to a substantial market capitalization of Rs 1,83,641.68 crore.

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Jio to Acquire Paytm?

Reports of Mukesh Ambani-led JFS acquiring Vijay Shekhar Sharma-led PPBL are surfacing which resulted in the rally in the share price of JFS. With HDFC Bank also in the race for acquiring the fintech giant the future for Paytm is grim due to a recent RBI directive issued to cease accepting deposits.

For Paytm wallet users, the directive means they can utilize their existing balances until depleted, but any attempts to add money after February 29 will be restricted. If the RBI maintains its stance, top-ups for the Paytm wallet will cease, and transactions through it will come to a halt.

Is Paytm in Trouble?

A sigh of relief for investors came in the form of the fintech giant’s clarification on stock exchanges. PPBL asserted that neither the company nor its founder and CEO were under any investigation by the Enforcement Directorate (ED) or any central authority. Addressing concerns, Paytm emphasized its cooperation with authorities during past inquiries involving certain merchants/users and denied any involvement in money laundering activities.

Shikha Rai

Shikha Rai is an experienced business journalist and accomplished columnist. With a keen analytical eye, she has always been interested in the world of business and today she has turned this interest into a source of income by joining the BB team. Though not an expert, working with true dedication is not only his profession but also his principle.

Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and NSE have contributed to the above report