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Shares of Adani Ports and Special Economic Zone (APSEZ), led by billionaire Gautam Adani, experienced a 3.45% decline to reach ₹772.95 per share in Monday's trading session on the Bombay Stock Exchange (BSE). This drop followed the resignation of auditing firm Deloitte as the auditor for APSEZ.
Deloitte's decision to step down came after urging APSEZ to conduct an independent investigation into related party transactions highlighted by Hindenburg Research. Despite Adani Ports asserting that these allegations had no impact on their financial statements and deeming the reasons provided by Deloitte for resignation insufficient, the auditing firm proceeded with their decision.
During a recent meeting between Deloitte, APSEZ management, and the company's audit committee—consisting exclusively of independent directors including G. K. Pillai, Prof G. Raghuram, P. S. Jayakumar, and Nirupama Rao—Deloitte indicated a limitation in their broader audit role concerning other publicly listed Adani portfolio companies. Adani Ports clarified that this move did not align with Deloitte's role as auditors of various other Adani Group entities.
Since FY2018, Deloitte Haskins has been APSEZ's auditor. Most recently, he was reappointed as the statutory auditor for a further five years. In response to Deloitte's departure, APSEZ selected MSKA & Associates, an independent member firm of BDO International, to take on the role of statutory auditors until the upcoming annual general meeting scheduled for 2024, as stated by the company in a filing.
— Harshita Kumar
Also Read, Concerns over governance arise with Deloitte's impending resignation
