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Bond Market News
Adani Ports’ Auditor Quits Over Concerns Regarding Transactions Raised by Hindenburg
August 15, 2023
Deloitte has quit as the auditor of Adani Ports amid concerns over certain related-party transactions that Hindenburg had raised, which the company did not wish to look into independently. Adani however said that it was not convinced by the reason for Deloitte’s exit. Deloitte does not audit any of the other core listed Group companies. Separately, on Monday, SEBI had sought an extension of 15 more days to submit a final report on its investigation probe into the company’s dealings with some offshore entities. Shares of Adani Ports fell by 3.7% on Monday.
Bonds of Adani Ports traded flat to slightly lower with its 4% 2027 trading at 84.13 cents to the dollar, yielding 8.85%.
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