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Adani Group dismisses market rumor to hire Grant Thornton




Adani Group calls reports of appointment of Grant Thornton a 'market rumour'

Adani terms reports of group hiring Grant Thornton as “market rumours”

New Delhi:

The Adani Group flagship firm on Thursday termed as “market rumour” reports of hiring Grant Thornton to audit the books in the aftermath of the Hindenburg controversy.

In a stock exchange filing, Adani Enterprises said the report “appears to be a market rumor and hence it would be inappropriate for us to comment on the same.”

Sources had said on Tuesday that the group has hired accountancy firm Grant Thornton to conduct an independent audit of some of its companies and reassure investors and regulators following allegations by US short-seller Hindenburg Research.

Sources had said that the audit was specifically to see if there was any misappropriation or diversion of funds and if the loans were used for a purpose other than that for which they were intended.

The market value of the group’s listed companies has halved since Hindenburg Research’s January 24 report.

The Adani Group denied all the allegations made by Hindenburg Research and called them malicious, baseless and a well-planned attack on India. It referred to Hindenburg as the Madoff of Manhattan, referring to the late financier and fraudster Bernie Madoff.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group company.)

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