Paytm refutes report suggesting China’s Ant Group considering stake sale

Paytm on Wednesday refuted a report that said that one of the company's major shareholders, Chinese financial technology giant Ant Group, is considering the sale of its 30 per cent stake in the Indian homegrown digital payments major.

Paytm issued the clarification after a media report said that Alibaba-backed Ant is considering the divestment of its stake in Paytm mainly because of India's strained relations with China due to prolonged border tensions.

Another likely factor could be increased competition in India's digital payments ecosystem, said the report that cited unnamed sources familiar with the matter.