Adani Group Companies Market Cap Falls By Rs 25,000 Cr In One Day

The shares of Adani Group listed companies saw steep decline on August 14, after Deloitte Haskins & Sells resigned as the auditor of Adani Ports and Special Economic Zone, shedding about Rs 25,000 crore in market capitalization in Monday’s trading session.

As per reports, the shares of Adani Enterprises, the group's flagship company, fell as much as 5.4% in early trades Monday before closing 3.3% lower at ₹2,456. Adani Ports & SEZ shares fell almost 2% to close at ₹787.

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Deloitte, which has been Adani Ports and SEZ auditor for the last six years, had reportedly resigned on Saturday, August 12, amid concerns over certain transactions the company had entered into, including one with an EPC (Engineering Procurement and Construction) contractor named in the Hindenburg report.

In a regulatory filing on Saturday, Adani Ports said that the company's board had accepted the resignation of Deloitte as the company's auditor and appointed MSKA & Associates Chartered Accountants as the firm's new auditor.

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Ambuja Cement shares fell 3.4% to Rs 441, and Adani Transmission fell 2.8%. Meanwhile, the Securities and Exchange Board of India (SEBI) has sought a 15-days extension from the Supreme Court to complete the probe into the allegations made by Hindenburg against the Adani Group.

The court had asked the market regulator to complete its investigation and submit the report on August 14.