Deloitte exit triggers sell-off in Adani stocks; m-cap down by Rs 25k cr

All Adani group stocks ended in the red on Monday, the first trading session since Adani Ports and Special Economic Zones announced the resignation of Deloitte as the company’s auditor. Ambuja Cements and Adani Enterprises fell over three per cent, while five of the other eight group companies declined two per cent or more. Owing to the sell-off, the group’s market capitalisation declined by over Rs 25,000 crore.

“The auditors have resigned, citing concerns about related-party transactions, which again raises some of the problems flagged in the Hindenburg report. And there is some nervousness ahead of the Securities and Exchange Board of India (Sebi) report. There could be some correction whenever such negative news flow comes, but we are not likely to see the kind of corrections we saw post the Hindenburg report,” said Ambareesh Baliga, an independent equity analyst.