Deloitte planning to resign from Adani co after flagging concerns

Deloitte is planning to resign as auditor of Adani group's port company, a move that comes weeks after it raised concern over certain transactions flagged in a report of a US short seller.

Deloitte Haskins & Sells LLP has communicated to Adani Ports & Special Economic Zone Ltd its decision to resign as auditor and a formal announcement is expected shortly, sources with knowledge of the matter said.

The reason for the resignation was not immediately known.

Deloitte declined to comment.

In May, Deloitte had flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.

In the auditors' report on the audit of the fourth quarter and 2022-23 financials, Deloitte highlighted transactions with three entities, which the company said were unrelated parties.