Jio Financial shares soar as reports suggest Mukesh Ambani may buy Paytm wallet

Billionaire Mukesh Ambani's Jio Financial Services has denied media reports that it is in talks to purchase the wallet business of One 97 Communications, the parent company of Paytm.

"We clarify that the news item is speculative and we have not been in any negotiations in this regard," JFSL stated in a regulatory filing on Monday night. The clarification came after the Bombay Stock Exchange (BSE) sought comment on the potential acquisition.

One 97 Communications also dismissed the reports as “speculative”, clarifying it has not engaged in any negotiations with Jio Financial to sell its wallet business.