'Market rumours': Adani group on reports of hiring Grant Thornton for audit

NEW DELHI: The Adani group has termed as "market rumours" reports of the conglomerate hiring accountancy firm Grant Thornton for independent audits of some of its companies.

The company has written to the Bombay Stock Exchange, mentioning a media report about the group hiring Grant Thornton, 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 letter further said "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."

A damaging report by short-seller Hindenburg Research has seen some of the group's companies losing their market caps by over 50%.

Shares in the group's seven listed subsidiaries have cumulatively lost about $120 billion in market value in the last three weeks.

The conglomerate, led by billionaire Gautam Adani, has strongly denied the allegations but investors remain concerned.


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