Adani Ports share price falls over 3% after auditor Deloitte Haskins resigns prematurely

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₹772.95 apiece on the BSE. The billionaire Gautam Adani-led Adani Group, said its port business arm Adani Ports and SEZ Ltd., has appointed M S K A & Associates (an independent member firm of BDO International), as its auditor. Deloitte Haskins was Adani Ports' auditor since FY2018 and was reappointed for another five-year term as the statutory auditor only last year.

Read here: Deloitte resigns as Adani Ports auditor Deloitte’s resignation letter as Adani Ports’ statutory auditor revealed that the US-headquartered Big 4 auditor resigned prematurely primarily due to lack of clarity on transactions with certain parties alleged in the 24 January Hindenburg Research report, and because of the ₹1.75 trillion Gautam Adani-led company’s resistance to conduct an independent external evaluation. Read here: Deloitte’s Adani Ports exit reveals a Hindenburg link “In Deloitte’s recent meeting with APSEZ management and its audit committee, which, by policy, is comprised of and chaired by independent directors only (G. K.

Pillai, Prof G. Raghuram, P. S.

Jayakumar and Nirupama Rao), Deloitte indicated a lack of a wider audit role as auditors of other listed Adani portfolio companies," said Adani Ports in a statement Saturday evening. Adani Ports' audit committee was of the view that the grounds advanced by Deloitte for resignation as statutory auditor were not convincing or sufficient to warrant such a move, said the statement. At 9:40 am, Adani Ports share price was trading 2.89% lower at ₹777.50 apiece on the BSE.