Adani Group shares under pressure; Adani Ports, AEL slip up to 5%

Securities and Exchange Board of India is set to submit to the Supreme Court its report on the allegations made by US-based Hindenburg Research against the Adani Group.

Shares of Adani Group companies were trading on a weak now, down up to 5 per cent on the BSE in Monday’s intra-day trade after the board of Adani Ports and Special Economic Zone (SEZ) accepted the resignation of Deloitte Haskins & Sells LLP as the company's auditor.

Adani Ports has now appointed MSKA & Associates Chartered Accountants, which is one of the top six global audit firms, as the company's new auditor.

Before resigning as auditor of Adani Ports & SEZ, Deloitte had sought an independent external examination of allegations made by American short-seller Hindenburg Research but the company claimed the accusations had no impact on financial statements. The Adani group firm also said its audit committee believed that “the grounds advanced by Deloitte for resignation as statutory auditor were not convincing or sufficient to warrant such a move”. CLICK HERE FOR FULL REPORT
 

Meanwhile, the capital markets regulator, Securities and Exchange Board of India (SEBI), is set to submit to the Supreme Court its report on the allegations made by US-based Hindenburg Research against the Adani Group. After a plea from the market regulator, the Supreme Court had allowed SEBI time till August 14 to complete the probe.

Several observers are expecting minor, if any, red marks against the Adani Group after an expert panel appointed by India’s top court in May said the SEBI had “drawn a blank” in its investigation into 13 overseas entities alleged to be fronts for Adani companies, the Bloomberg reported. CLICK HERE FOR FULL REPORT

Among the individual stocks, Adani Enterprises (AEL) slipped 5 per cent to Rs 2,401 on the BSE in Monday’s intra-day trade. Adani Transmission too was down 5 per cent at Rs 791, followed by Adani Ports & SEZ (Rs 771.70), Adani Power (Rs 275.90), Ambuja Cements (Rs 437.90), Adani Wilmar (Rs 371.25) and Adani Green Energy (Rs 940) down between 3 per cent to 4 per cent. In comparison, the S&P BSE Sensex was down 0.50 per cent at 64,995 at 09:45 AM.