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In early trade, Adani group shares took a sharp turn which ended up falling, and here's why all the flagship Adani Enterprises plinged over 5 percent while on the other hand Adani Ports fell over 3 Percent.

In Brief

⦁ Adani Enterprises falls 5% and other group companies down to 3-5%

⦁ Adani Ports shares fall after the resignation of auditor's

⦁ Sebi set to submit final Adani-Hindenburg report to Supreme court

Adani Group company shares started falling drastically on Monday, with the flagship Adani Enterprises falling over 5 percent.

The other key companies of the ports-to-power conglomerate are Adani Ports and SEZ, Adani Transmission, Adani Green Energy, Adani Wilmar, Adani Total Gas, and Adani Power -- were also started to fall in the range of 3-5 percent in early trade.

ACC, Ambuja Cements, and NDTV are some of the companies that are owned by Adani companies and they also tanked sharply during the session which directly reflected the broad-based weakness which is across the group.

Adani Ports Auditor Deloitte gave their resignation last week and it was mainly because of the weakness that was seen across all Adani Group company stocks.

Our reports say that this mass Deloitte resignation as the auditor of the company due to the differences with the management which is related to a few transactions that were highlighted in the report by US short-seller Hindemburg Research.

After the resignation, Adani Ports said in a statement that it had appointed MSKA & Association which is an independent member firm of BPO International, as its new auditor.

But it seems like the news of Deloitte's resignation has led to creating some fear among investors.

Meanwhile, it might be possible that this fall in Adani Group Stocks is attributed because the Securities and Exchange Board of India (SEBI) is ready to submit its final report on the Adani-Hindenburg matter this week, reported The Economic Times.

Our sources are telling us that SEBI has come to a conclusion and now they are ready to submit it to the Supreme Court most probably this week.

Sumpreme Court had set a deadline of August 14 for SEBI and finalize its probe and submit the report. Then following the submission of the final report, so this matter will be heard on August 29.

Conclusion

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