Adani Enterprises, Adani Green Energy, Adani Power: Adani shares in news on report auditor faces enquiry

Adani group shares such as Adani Green Energy Ltd, Adani Power Ltd, Adani Wilmar, ACC Ltd, Ambuja Cements Ltd and the group’s flagship Adani Enterprises Ltd would be in focus on Thursday morning amid a Bloomberg report, quoting sources, suggested that the Gautam Adani-led group’s long-time auditors was being scrutinised by accounting regulator The National Financial Reporting Authority (NFRA).

To recall, a US-based short seller Hindenburg Research had in January this year published a damning report, alleging involvement of the Adani group into accounting fraud schemes and stock manipulation over the course of decades. The Supreme court, which is hearing the case, is likely to take up the matter on October 30. The Adani group denied any wrongdoing.

In the case of fresh report, Adani group 'strongly' rejected the suggestion that its businesses did not act as per the regulations and accounting standards of the jurisdictions in which they operate. S.R. Batliboi is the current auditors for Adani Power Ltd, Adani Green Energy Ltd, ACC, Ambuja Cements Ltd and Adani Wilmar Ltd. It also signed off on the books of Adani Ports & Special Economic Zone Ltd for a decade till 2017, as per the report.

As per the Bloomberg report, NFRA has begin an inquiry into one of the member firms of EY in India, SR Batliboi. The regulator, the report suggested has requested files and communications related to its audits on some of the companies controlled by the group dating back to 2014.

“The Adani Group has always conducted its business in compliance with all applicable laws and regulations and is confident about its practices, governance and disclosures,” the group said in a statement adding: "“We strongly reject any suggestion that Adani Group and its businesses have not acted as per the regulations and accounting standards of the jurisdictions in which we operate."