(Bloomberg) -- Paytm operator One 97 Communications Ltd. denied a media report that said the Indian billionaire Gautam Adani was keen to acquire a stake in the fintech firm. Adani Group also issued a statement calling the report “untrue.”

The “news item is speculative and the Company is not engaged in any discussions in this regard,” One 97 Communications said in an exchange filing Wednesday. The company will continue to make disclosures as needed, it added.

The filing was in response to a report in The Times of India that said the Adani had met Paytm Founder and Chief Executive Officer Vijay Shekhar Sharma on Tuesday to “finalize the contours of a deal.”

The report added that the port-to-power conglomerate is also in talks with funds from West Asia to bring them as investors in One 97. Paytm shares jumped as much as 5% in Mumbai as Indian markets opened.

Read More: Most Indian Payments Stocks Gain on Adani Paytm Interest Report

Adani Group has denied the TOI report.  “We categorically deny this baseless speculation. It is totally false and untrue,” the Adani representative said in an emailed statement.

India’s Adani Group is in talks to expand into ecommerce and payments, Financial Times reported earlier this week, as it weighs applying for a license to operate on India public digital payments network, the Unified Payments Interface.

Once a role model for India’s nascent startup economy, Paytm warned of job cuts this month. Its net losses swelled several-fold in the three months through March. Paytm, founded by Sharma in 2010, is struggling to recover after a finance watchdog in January ordered a key banking affiliate to wind down.

The restrictions dealt a blow to the reputation of Paytm, which competes with financial services offered by Amazon.com Inc., Alphabet Inc.’s Google and billionaire Mukesh Ambani’s Jio Financial Services Ltd.

(Adding Adani comments in the fifth paragraph.)

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