JM Financial clarified on report published by newspaper titled 'JM Financial stock soars on buzz of merger with HDFC Bank' and the movement in share price of the company from Rs 26 to Rs 30.25

"We are not engaged in any discussions/negotiations with HDFC Bank for merger of JM Financial. The said news report appears to be speculative. Further, we wish to inform you that we regularly intimate the stock exchanges all the events and information (including price sensitive information) that can have bearing on the operation/performance of the company. There is no pending or current announcement in relation to significant events that in our view can have a bearing on the operation/performance of the company," the company said.

Shares of the company declined Rs 0.95, or 3.29%, to settle at Rs 27.90. The total volume of shares traded was 2,078,352 at the BSE (Wednesday).