One of Adani Group’s international partners, the French energy giant TotalEnergies SE, said on February 3 that it welcomes the announcement of the Adani Group to mandate one of the big four accounting firms to carry out a general audit.
Business news agency Bloomberg reported there was no corresponding announcement confirming the development on the Adani Group’s website, and the company didn’t immediately respond to a request for comment.
The sobriquet Big 4 refers to Deloitte LLP, Ernst & Young LLP, KPMG LLP and PwC. TotalEnergies holds the distinction of being one of the biggest energy companies in the world and is a partner to the Adani Group in four joint ventures in India.
Earlier, on January 24, the financial research firm Hindenburg Research released an explosive report accusing the Adani Group of engaging in brazen stock manipulation, and accounting fraud and dubbing the operations of the group as “the largest con in corporate history”. Since then, the conglomerate has been in battle mode, attempting feebly to contain the contagion damage that is stemming from the barrage of bad news.
Close to Rs 10.28 lakh crore of the market capitalisation of the listed Adani companies has gone up in smoke since the release of the report. The conglomerate is also being sidelined by the likes of Dow Jones, which took a decision today to exclude the Adani Enterprises scrip from its widely used sustainability indices from February 7.
Earlier, on February 1, the Switzerland-based investment banking company Credit Suisse issued a missive barring acceptance of Adani Group bonds as collateral for margin loans.