Embattled Indian conglomerate Adani Group has hired accounting firm Grant Thornton to audit some of its companies after short-seller Hindenburg Research accused the firm of widespread fraud.
Adani has denied the accusations, calling them unresearched and maliciously mischievous, and threatened to take legal action against Hindenburg Research.
- Since Hindenburg Research published its report on Jan. 24, Adani’s listed companies have lost more than $100B in market value.
- Earlier this month, Adani Enterprises canceled its planned $2.4B equity sale.
- Last week, French oil and gas giant TotalEnergies suspended its planned $4B investment in a green hydrogen project with Adani Group.
- TotalEnergies CEO Patrick Pouyanné said the deal wouldn’t be signed until there is clarity on Adani’s financial standing.
- Last week, Forbes reported that Adani has hired New York-based law firm Wachtell, Lipton, Rosen & Katz to fight back against the fraud and stock manipulation allegations.
- Wachtell, Lipton, Rosen & Katz represented Twitter during its $44B takeover lawsuit against Elon Musk.
