Adani Group clarifies on reports of hiring Grant Thornton for audits, calls it a 'market rumour'
1 min read . Updated: 16 Feb 2023, 12:02 PM IST
Premium- Media reports suggested that Adani has appointed Grant Thornton for audit to come clean on Hindenburg allegations
Adani Enterprises Ltd, the flagship company of billionaire Gautam Adani-led Adani Group, on Thursday issued clarification on the reports of appointing Grant Thornton for audits of some of its companies after Hindenburg fallout, calling it a market rumour.
“We would like to clarify that the said news item appears to be a market rumour and hence it would be inappropriate on our part to comment on it," the company said in an exchange filing. “We wish to confirm that we have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges."
Media reports suggested that embattled Adani group has appointed accountancy firm Grant Thornton for an independent audit of some of its companies in a bid to come clean of the damning allegations levelled by the US short-seller Hindenburg Research and to assure investors and regulators. Grant Thornton has been hired to conduct independent audits of some Adani Group companies, said a Reuters report earlier this week.
Shares in the group's seven listed subsidiaries have cumulatively lost about $120 billion in market value in the last three weeks even as the conglomerate has strongly denied the allegations of the US-based short-seller which had said it identified numerous "undisclosed related party transactions" by both listed and private Adani companies, alleging it was in violation of Indian disclosure laws.
The conglomerate has reiterated that its balance sheet is "very healthy" and is laser focused on continuing business momentum, as it looked to reassure investors to keep faith in the group.
Adani Group firms were trading in the positive territory in morning trade on Thursday amid a rally in the broader market. Adani Enterprises, Adani Wilmar, Adani Transmission, Adani Green Energy were trading with gains of more than 5% in afternoon deals on the BSE.