Adani Group Shares Bleed Again As Deloitte Resigns As Auditor After Agreeing With Hindenburg Allegations

 

At a time when India's market regulator SEBI is set to submit to the Supreme Court its report on the Adani-Hindenburg saga this week, Adani group shares have already begun bleeding due to a fresh blow.

All of Adani group’s shares are bleeding today since morning after Deloitte resigned as the auditor of Gautam Adani’s logistics unit Adani Ports and Special Economic Zone. Deloitte had been its auditor since the year 2017.

Adani Ports' shares were down more than 2.5% in the morning, whereas Adani's flagship firm Adani Enterprises was down 4.1%, Adani Wilmar was down 2.2%, Adani Green Energy was down 2%, Adani Transmission was down 3.5%, Adani Total Gas was down 2% and Adani Power was down 1.8%.

This resignation by the audit giant comes about two months after Deloitte had agreed with some of Hindenburg research’s claims against the Adani group.

The auditor's resignation has brought fresh scrutiny into Adani group’s finances, nearly seven months after Hindenburg research’s report had rattled the conglomerate, accusing it of accounting frauds, stock manipulations, and money laundering.