Paytm Refutes Report Claiming Ant Group may Dump its $4.8 Billion Worth Stake

The indigenous digital payment firm Paytm denies the report claiming one of its majority shareholders Ant Group may sell its entire 30 percent stake worth $4.8 billion in the firm.

Earlier Reuters reported citing sources that Ant Group was mulling a possible exit from Paytm amid the growing tensions between India and China. However, both Paytm and Ant Group have denied the claims of the report.

The Ant Group tweeted, “The Reuters story is untrue. We are disappointed that Reuters decided to run the story based on false information”.

“The Reuters story is untrue. We are disappointed that Reuters decided to run the story based on false information”

Even Paytm’s Twitter handle strongly denied the report claiming it to be false and clickbait news.

With the intensifying tension between India and China at the Ladakh border, the Indian government had cracked down on FDIs from China. The Indian government has already banned several Chinese apps, including the recently banned 43 apps.

However, it will be a tough nut to crack for the government to keep the Chinese investments off from Indian startup ecosystem as nearly 18 out of the country’s 30 unicorns already have raised nearly $4 billion from the Chinese investors.