Adani Ports and SEZ’s Auditor Firm Deloitte Haskins & Sells LLP Set to Quit
Adani Group is facing a major setback as its auditor firm, Deloitte Haskins & Sells LLP, is preparing to resign. The resignation is believed to be a result of the Hindenburg Report, which raised questions about certain transactions involving the company. The exact reason behind the resignation is currently unknown, and Deloitte has declined to comment on the matter. However, sources indicate that a formal announcement of the resignation is expected soon.
Adani Group Shares Experience Significant Decline Following Hindenburg Report
Since the release of the Hindenburg Report, Adani Group’s shares have witnessed a substantial decrease in market value, amounting to nearly $150 billion. The report, published on January 24, accused the Adani group of fraud, stock manipulation, and money laundering. However, the company has vehemently denied all allegations. Despite the initial decline, Adani Group managed to regain investor confidence by repaying its debt and has since recovered some of the lost ground.
Deloitte Raises Questions About Adani Group’s Deals
In its auditors’ report, Deloitte Haskins & Sells LLP questioned three deals mentioned in the company’s accounts. However, the firm stated that it was unable to verify the company’s claims as there was no independent external investigation supporting them. The Adani Group, on the other hand, deemed an external investigation unnecessary based on its assessment of the allegations and the ongoing investigation by the Securities and Exchange Board of India (SEBI).
- Adani Ports and SEZ’s auditor firm Deloitte Haskins & Sells LLP is set to resign, possibly due to the Hindenburg Report’s allegations.
- Adani Group’s shares have experienced a significant decline in market value but have recovered slightly after addressing its debt and restoring investor confidence.
- Deloitte raised questions about three deals in its auditors’ report but could not verify the company’s claims without an independent external investigation.
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