Adani Group denies reports of hiring Grant Thornton for independent audit

Adani Enterprises, the flagship company of the Gautam Adani-led conglomerate Adani Group, on Thursday rubbished reports of hiring US-based accountancy firm Grant Thornton for independent audit of its firms after the Hindenburg fallout.

Adani Enterprises issued a clarification in this regard to the stock exchanges.

“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,” Jatin Jalundhwala, Company Secretary & Joint President (Legal), Adani Enterprises, said in a letter to BSE Limited.

Read | MSCI delays index weighting changes for two Adani companies

Reuters reported on February 14 that the Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds.

Citing sources, Reuters reported that the US-based Grant Thornton will evaluate whether Adani Group complied with global corporate governance standards. BSE Limited had sought a clarification from Adani Enterprises on the news report.

“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,” Adani Enterprises said in its reply to the clarification.

Stocks of Adani Group companies have been battered following US-based short-seller Hindenburg Research’s report accusing billionaire Gautam Adani-led firms of accounting fraud and stock manipulation.