Adani stocks decline, group market cap falls by Rs 25,000 crore – ET Infra


MUMBAI: Shares of all the 10 listed Adani Group companies declined on Monday after Deloitte Haskins & Sells resigned as the auditor of Adani Ports and Special Economic Zone. The selloff resulted in the group’s companies shedding about ₹25,000 crore in market capitalization in Monday’s trading.

Shares of Adani Enterprises, the group’s flagship company, fell as much as 5.4% in early trades Monday before closing 3.3% lower at ₹2,456. Adani Ports & SEZ shares fell almost 2% to close at ₹787.

Deloitte, which has been Adani Ports’ auditor for the last six years, resigned on Saturday amid concerns over certain transactions the company had entered into, including one with an EPC (Engineering Procurement and Construction) contractor named in the Hindenburg report that had triggered the selloff in the group shares from January 25 this year.

In a regulatory filing on Saturday, Adani Ports said that the company’s board had accepted the resignation of Deloitte as the company’s auditor and appointed MSKA & Associates Chartered Accountants as the firm’s new auditor.

Ambuja Cement shares fell 3.4% to ₹441, and Adani Transmission fell 2.8%.

Meanwhile, the Securities and Exchange Board of India (Sebi) sought a 15-day extension from the Supreme Court to complete the probe into the allegations made by Hindenburg against the Adani Group. The court had granted the regulator time till August 14 to complete the investigation and submit the report.

  • Published On Aug 16, 2023 at 08:14 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Get updates on your preferred social platform

Follow us for the latest news, insider access to events and more.


Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Open chat
How May I Help You.
Scan the code
Vishwakarma Guru Construction
Hello Sir/Ma'am, Please Share Your Query.
Call Support: 8002220666