Adani Group is going to get a big blow. Adani Ports and SEZ’s auditor firm Deloitte Haskins & Sells LLP is set to quit. It is believed that the Hindenburg Report is behind this, in which questions were raised about some transactions.
However, the reason for the resignation was not immediately known. Deloitte declined to comment on the matter.
Expect a formal announcement soon
According to sources, Deloitte Haskins & Sells LLP has informed Adani Ports and Special Economic Zone Ltd about its decision to resign as auditor and a formal announcement is expected soon.
Adani group shares fell heavily after Hindenburg report
Adani Group’s shares have lost nearly $150 billion in market value since the Hindenburg report, but have regained some of the lost ground after paying off its debt and regaining investor confidence. Hindenburg Research in its January 24 report leveled allegations of fraud, stock manipulation and money laundering against the Adani group. Adani Group has denied all the allegations.
Deloitte raised questions
In the auditors’ report on the fourth quarter and financial audit for 2022-23, Deloitte had raised questions about three deals in its comments on the company’s accounts. Deloitte, however, said it could not verify the company’s statement as there was no independent external investigation to substantiate the claims.
Deloitte had said that the Adani Group did not consider it necessary to conduct an independent external investigation into these allegations due to its assessment of these allegations and the ongoing investigation by the Securities and Exchange Board of India (SEBI).
