The massive fintech startup Paytm made it clear on Monday that it is not in negotiations to sell its wallet business. A Paytm insider has confirmed that the company is not consulting with anyone regarding the sale, despite media rumors suggesting that the Paytm wallet business will be sold to Jio Financial Services, which is owned by Mukesh Ambani’s Reliance, INC 42.
Paytm said that Paytm Payments Bank Limited, a business associate, has notified it that there have been no discussions in this area. Jio Financial Services’ stock suffered after the announcement as well, dropping 3.89 percent to Rs 277.80.