Jio Financial Services Limited (NSEI:JIOFIN) (JFS) share price spiked over 15% to a record high on 05 February 2024 amid a media report suggesting that the company was among the forerunners to acquire One97 Communications Limited (NSEI:PAYTM)'s wallet business. Jio Finance shares jumped as much as 16.25% to a new high of INR 295.00 apiece on the BSE. Meanwhile, Paytm shares remained locked at 10% lower circuit at its record low level.

A report published by Hindu BusinessLine said that One 97 Communications, the parent company of Paytm, was in exploratory talks with a few investors to sell the wallets business. Jio Financial Services and HDFC Bank Limited (NSEI:HDFCBANK) were said to be among the forerunners to acquire Paytm's wallet business, it reported quoting sources. Paytm shares crashed after the Reserve Bank of India (RBI) barred Paytm Payments Bank (PPBL) from conducting certain operations following a system audit report and subsequent compliance validation report of external auditors.