Ant Group said that the report is based on "false information."
"The information is absolutely false and misleading. There has been no discussion with any of our major shareholders ever, nor any plans, about selling their stake or becoming the controlling shareholder," a Paytm spokesperson said in a statement.
"Our mission is to empower half a billion Indians with digital financial services and pursue the vast opportunity presented by the digital financial revolution in our country."
Paytm said that it is "seeing a dramatic increase in revenues and acceleration of our path to breakeven."
The report comes at a time when India has banned 267 Chinese apps in a span of about five months.
The banned apps include some from Alibaba and other Chinese giants such as ByteDance and Tencent.
India has also tightened rules for investment from China amid border tensions with the country.
Last month, the Shanghai Stock Exchange (SSE) postponed Ant Group's listing at $37 billion, which would have been the biggest IPO ever.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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