Mukesh Ambani’s Jio financial share soars after the recent update related to the acquisition of the Paytm wallet business. Reports saying, Mukesh Ambani is looking to acquire majority stakes of Paytm Payments Bank. The share price has marked a 16.25% spike in the previous price. Let us know the complete details about is this report on the acquisition of is Paytm wallet business is legit or not.
As per the report published by Hindu BusinessLine, the parent company of Paytm which is formerly known as One97 Communications is currently planning to sell the Paytm Wallet Business. The company is in talks with several investors. Jio Financial Services and HDFC Bank are on top of the name which may acquire the Paytm Wallet business in the upcoming days. However, the official confirmation regarding this news is yet to be made by the company officials. When it comes to our knowledge, will be updated here immediately. Currently, HDFC Bank and Jio financials have not released any statement on this news.
Paytm Shares have been crashing with lower circuits for the past four days. This continuous fall in the share price and market cap is a serious concern for the company. In the last 1 week, Paytm’s share crashed above 60% from its price. Also, the well-known investment firm Jefferies downgraded the Paytm Share from their list. This seems that foreign investors are also confused about the future of the share price of Paytm.
Jio Financial Services is the recent company of India’s business tycoon Mukesh Ambani. The company has been listed on the exchange recently. Now for the past few days after the q3 results the stock seems very bullish. In the recent trading session, Paytm wallet has surged to the price level of ₹295. On the other side, Paytm stock is falling drastically and made a 52-week low with a 10% lower circuit on Monday 5th Feb 2024.
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