The resignation of Deloitte Haskins and Sells as the statutory auditor of Adani Ports on Monday, due to differing opinions, caused a decline in share price by more than 3%. On the BSE, Adania Port’s shares plummeted by 3.45% to 772.95 per share.
The Adani Group, led by billionaire Gautam Adania, has appointed M S K A & Associates as its auditor, who is an independent member firm of BDO International, managing its port business arm Adana Ports and SEZ Ltd.
Deloitte Haskins has been the auditor of Adani Ports since FY2018 and was only reappointed to serve another five-year term as the statutory auditor last year.
Deloitte has resigned from the Auditorium of Adani Ports, as read here.
Adani Ports’ statutory auditor, Deloitte, announced in their resignation letter that the Big 4 auditor’s early departure was caused by confusion regarding transactions with certain parties alleged in the Hindenburg Research report of 24 January and the company’reluctant to undertake an independent external audit.
Deloitte’s Adani Ports departure exposes a Hindenburg connection, read here.
According to Adani Ports, Deloitte’s recent meeting with APSEZ management and its audit committee, which is chaired by independent directors only, indicated that they do not hold a broader audit role as auditors of other listed AdANI portfolio companies.
According to the statement, Adani Ports’ audit committee found that Deloitte’s reasons for resigning as statutory auditor were not convincing or adequate.
At the same time, Adani Group’s stock plummeted within a period of 2-5%, with the Adania group stock facing pressure as SEBI prepares to present its report to the Supreme Court on allegations made by Hindenburg Research against the conglomerate.
Nathan Anderson, the founder of Hindenburg Research, tweeted that Deloitte had resigned as Adani Ports’ statutory auditor due to the absence of appropriate audit evidence to address the Hindurgenburg report.
Adani Group Chief Financial Officer (CFO) Jugeshinder Singh stated that Adania had a 42% YoY EBITDA increase in Q1FY24, responding to Anderson.
Our group’s financial results were announced by Singh, who tweeted about the “crapping bottom” and urged the Supreme Court to complete the process. Adani’S first quarter EBITDA growth of 42% compared to FY 23 in FY 24.
The Adani business experienced a drop in share price of over 4%, while its transmission shares were down by over 3.3%.
Ambuja Cement experienced a 3% decline, and ACC was trading below its historical average of 1.8%.
At 9:40 am, Adani Ports’ share price fell by 2.89% to 777.50 per share on the BSE.
Get Real-Time Market Updates by scrolling down.
More information about the ACC is available.
More information can be obtained from ADANI WILMAR.
More information about the total gas produced by ADANI is available.
More information can be found on the profile of ADANI ENTERPRISES.