Adani Group’s UK units dropped Deloitte as auditor for smaller firm
1 year, 10 months ago

Adani Group’s UK units dropped Deloitte as auditor for smaller firm

Live Mint  

The Adani Group has dropped Deloitte as the auditor of its various subsidiaries in the UK last year, replacing it with a far smaller accountancy firm, according to a Bloomberg report. According to corporate filings, Crowe UK has replaced the Big Four firm as the auditor of UK entities including Adani Energy Holdings Ltd after the Indian firm bought them in 2021. The UK subsidiaries of the Adani Group include a portfolio of renewable power plants across India that were sold to Adani Green Energy Limited by SoftBank Group and Bharti Enterprises in 2021. In the brutal fallout of US-based Hindenburg Research's report, investors dumped Adani shares, while the group's flagship company, Adani Enterprises, was forced to abandon a $2.5 billion share sale last week.

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History of this topic

Adani Group stocks go into a tailspin, crash up to 20% after US indicts Chairman and 7 others on bribery charges
Top News
1 month ago

Adani Group stocks go into a tailspin, crash up to 20% after US indicts Chairman and 7 others on bribery charges

Live Mint  

Adani Group Stocks: Several Adani Group shares, including those of the flagship firm Adani Enterprises, suffered massive losses and hit their lower circuits in early trade on Thursday, November 21. "A five-count criminal indictment was unsealed today in federal court in Brooklyn charging Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain, executives of an Indian renewable-energy company, with …

Adani Enterprises AGM: Hindenburg's report an attempt to damage reputation, says Gautam Adani
1 year, 5 months ago

Adani Enterprises AGM: Hindenburg's report an attempt to damage reputation, says Gautam Adani

Hindustan Times  

Addressing Tuesday's 31st Annual General Meeting of his flagship Adani Enterprises, Gautam Adani once again accused the US-based short-seller Hindenburg Research of trying to malign the company's reputation with its report, which he dubbed as a ‘combination of targeted misinformation and discredited allegations.’ Gautam Adani addressing 31st AGM of the Adani Enterprises “This year, a US-based short-seller published a report …

Auditor named in Hindenburg report resigns from Adani company
1 year, 7 months ago

Auditor named in Hindenburg report resigns from Adani company

The Hindu  

A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said. Hindenburg stated that the independent auditor for the group's flagship firm, Adani Enterprises, and its city gas retailer Adani Total Gas Ltd is …

Gautam Adani no longer among world’s 25 richest people
1 year, 10 months ago

Gautam Adani no longer among world’s 25 richest people

The Hindu  

Adani Group Chairman Gautam Adani is no longer among the 25 richest billionaires in the world after his net worth dipped below $43.4 billion on February 22, according to Forbes and Bloomberg indices. Mr. Adani, who held the title of Asia’s richest person and the world’s third richest until recently, saw his personal net worth fall, making him the 26th …

Adani Group clarifies, terms reports of hiring Grant Thornton as ‘market rumour’
1 year, 10 months ago

Adani Group clarifies, terms reports of hiring Grant Thornton as ‘market rumour’

Op India  

On Thursday, Adani enterprises issued a statement to the stock exchange confirming that it had not hired accountancy firm Grant Thornton for an independent audit of some of its companies. On February 14, several reports indicated that the Adani Group hired accounting firm Grant Thornton to conduct independent audits of several of its subsidiaries in an effort to refute charges …

Adani lost $108 billion in a week: ‘Headlines generating negative attention'
1 year, 10 months ago

Adani lost $108 billion in a week: ‘Headlines generating negative attention'

Hindustan Times  

Gautam Adani, the multi-billionaire, is battling the worst crisis of his corporate life. Since the Hindenburg Research report on January 24, accusing the Adani Group of stock manipulation and accounting fraud, it has lost $108 billion in market value, Bloomberg reported. Worst nightmare for Adani Group: > Since Hindenburg's report on January 24, Adani Group companies have lost nearly half …

Adani loses Asia's richest person title as stock routs after Hindenburg report
1 year, 10 months ago

Adani loses Asia's richest person title as stock routs after Hindenburg report

Hindustan Times  

India's Gautam Adani lost his title of Asia's richest person on Wednesday as a rout in his conglomerate's stocks deepened to $74 billion after a short-seller report. Wednesday's stock losses saw Gautam Adani slip to 10th on Forbes rich list with an estimated $84.1 billion, just below rival Mukesh Ambani, the chairman of Reliance Industries Ltd who has an estimated …

Gautam Adani no longer among world’s top 10 richest people
1 year, 10 months ago

Gautam Adani no longer among world’s top 10 richest people

The Hindu  

Indian tycoon Gautam Adani has slipped out of the list of the world’s top 10 richest people following a rout in company share prices in the aftermath of the U.S.-based short seller Hindenburg Research’s report. Adani Group stocks have taken a beating on the bourses after Hindenburg in a report made a litany of allegations, including fraudulent transactions and share …

Adani conglomerate plans independent audit of group companies
1 year, 10 months ago

Adani conglomerate plans independent audit of group companies

Live Mint  

The Adani Group plans to hire one of the “big six” global accounting firms to evaluate its corporate governance and audit practices following allegations of fraud by US short seller Hindenburg, two people with direct knowledge of the matter said. “The scope of the independent audit will cover a review of certain related party transactions, accounting practices and compliance with …

Bloodbath in Adani stocks: The Hindenburg saga leaves the darlings of Dalal Street on tenterhooks
1 year, 10 months ago

Bloodbath in Adani stocks: The Hindenburg saga leaves the darlings of Dalal Street on tenterhooks

Live Mint  

The Adani Group stocks made headlines in 2022 for delivering massive returns and establishing the group's chairman, Gautam Adani, as the world's second-richest person—the first Asian to break into the top three. The seven listed Adani Group stocks led to a bloodbath on Dalal Street last week following the Hindenburg Research report claiming that the Indian giant had participated in …

India’s Adani Group loses $48bn in stocks over fraud claims
1 year, 10 months ago

India’s Adani Group loses $48bn in stocks over fraud claims

Al Jazeera  

Shares of Asia’s richest man Gautam Adani’s business empire plunged, leading to losses of $48bn after a US investment firm claimed it had committed “brazen” corporate fraud. Adani Enterprises, the group’s flagship company, plunged nearly 20 percent over the day’s trading in Mumbai, briefly triggering an automatic trading halt, before recovering slightly to close 18.52 percent lower. “Obviously, this is …

Gautam Adani's net worth drops after Hindenburg Research accuses Adani Group of 'brazen stock manipulation'
1 year, 10 months ago

Gautam Adani's net worth drops after Hindenburg Research accuses Adani Group of 'brazen stock manipulation'

ABC  

Mining magnate Gautam Adani's net worth has dropped by $8 billion after a United States investment firm accused him of "brazen stock manipulation and accounting fraud". Key points: Mr Adani lost nearly 5pc of his net worth after investors rushed to sell shares A report by Hindenburg Research alleges Mr Adani's brother Vinod "manages a vast labyrinth of offshore shell …

Gautam Adani briefly listed as world's second-richest person
2 years, 3 months ago

Gautam Adani briefly listed as world's second-richest person

The Hindu  

Indian industrialist Gautam Adani briefly became the world's second-richest person on the Forbes real-time billionaire tracker on Friday, weeks after becoming the first Asian to break into the top three. His ballooning net worth reflects a stratospheric rise in the market capitalisation of his publicly listed companies, as investors back the Adani Group's aggressive expansion of old and new businesses. …

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