Adani Group Stocks Plunge as Auditor Resigns Amid Hindenburg Report
Shares of Adani Group companies dropped between 3% and 6% after Deloitte resigned as the auditor of Adani Ports, the first such move since the release of the Hindenburg report in January. Deloitte quit due to concerns over related party transactions that the company did not wish to investigate independently. The report by Hindenburg alleged improper use of tax havens and other business dealings, leading to significant market value losses and regulatory investigations. Adani Ports named MSKA & Associates as its new auditor.