Days after it was reported that the Adani Group hired accountancy firm Grant Thornton, the Gautam Adani-owned conglomerate has dismissed it as a rumour.
In a statement released to the stock exchanges, Adani Enterprises said the news about hiring Grant Thornton appears to be a “market rumour and hence it would be inappropriate on our part to comment on it.”
“We wish to confirm that we have made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges. You are requested to take the above on your records,” the statement added.
A few days ago, multiple media reports indicated that the Adani Group appointed Grant Thornton to conduct independent audits of some of its companies in a bid to discredit claims made by US short-seller Hindenburg Research.
In a January 24 report, the US short seller had accused the Adani Group of stock manipulation and improper use of tax havens, among other things. The conglomerate has dismissed the rumours, but has failed to satisfy the larger investor community and global financial institutions.
As a result, the seven main listed entities of the group have lost a combined market capitalisation of nearly $120 billion.
To reduce the damage, the Adani Group has taken several steps, including reassuring investors about its strong liquidity position, prepayment of some loans and hiring a top US law firm.
Reports about the Adani Group hiring Grant Thornton came after the company said in a statement last week that it was considering an independent evaluation of issues relating to legal compliance, related party transactions and internal controls following Hindenburg’s scathing report.