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Adani Group Stocks in Focus: Shares of Adani Group like Adani Green Energy Ltd, Adani Power Ltd, Adani Wilmar, ACC Ltd, Ambuja Cements Ltd and group leader Adani today tumbled amid scrutiny by long-time auditors accounting regulator National Financial Reporting Authority (NFRA). Limited will be in focus from morning. According to a Bloomberg report, the NFRA has initiated an investigation into SR Batliboi, one of EY’s member firms in India.
Let us tell you that the American short seller Hindenburg Research published a report in January 2023, accusing the Adani Group of being involved in an accounting fraud scheme and stock manipulation for many years. The case is likely to be heard in the Supreme Court on October 30. However, the Adani Group has denied the allegations against him.
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Initiate the investigation of the auditing company
According to SR reports, Batliboi is the current auditor of Adani Power Limited, Adani Green Energy Limited, ACC, Ambuja Cements Limited and Adani Wilmar Limited. He has also audited Adani Ports and Special Economic Zone Limited for a decade till 2017. According to a Bloomberg report, the NFRA has initiated an investigation into SR Batliboi, one of EY’s member firms in India. The report indicated that the regulator has requested files and communications related to its audits on several companies controlled by the group since 2014.
Adani Group rejected it
Adani Group said in a statement, “Adani Group has always conducted its business in accordance with all applicable rules and regulations and is confident in its practices, governance and disclosures. We strongly reject any suggestion that Adani Group and its business are do not operate. with the regulations and accounting standards of the jurisdictions in which we operate.”