Shares of Mukesh Ambani s Jio Financial Services rallied 14.5% to a fresh peak of Rs 347, crossing the Rs 2 lakh crore market cap mark. Jio may acquire Paytm wallet business. Jio Payments Bank operates with digital savings accounts, bill payments, and debit cards. Jio launched Jio Voice box, implemented QR codes, and conducted sandbox for loans.
Jio Financial shares ended 14% higher on BSE on Monday following a media report stating that Jio has been in talks to buy the Paytm wallet business since November. Citing sources, the report had said as part of a larger bailout plan, Jio may offer to acquire Paytm Payments Bank.