Paytm and Adani Group both reject rumors of stake purchase deal; Paytm stock reaches its upper limit.

Gautam Adani, the Chairman of Adani Group, has shown interest in acquiring a share in One 97 Communications, the company that operates mobile wallet Paytm, according to Times of India. Paytm refused to acknowledge any such progress.

"We hereby clarify that the abovementioned news item is speculative and the company is not engaged in any discussions in this regard. We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," said the company in an official statement.

Adani Group has also addressed the media report by stating, "We completely reject this unfounded speculation, as it is entirely inaccurate and false."

On May 29, Paytm's stocks surged by 5 percent in early trading, reaching the upper circuit limit.