Even as the world of business is abuzz with media reports that Adani Group chairman Gautam Adani may acquire a stake in One97 Communications, Paytm’s parent company, both companies have denied any such development.

The stock of Paytm hit the 5 per cent upper circuit in early trade on Tuesday.

“We hereby clarify that the above-mentioned 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 One97 Communications.

The Adani Group has denied the media reports. It went on to “categorically deny this baseless speculation, it is totally false and untrue.”