In January 2023, Hindenburg Research had said that Adani Groups “engaged in a stock manipulation and accounting fraud” and called it the “largest con in corporate history”.
In the August 12 resignation letter, Deloitte said it was resigning as auditor of APSEZ with immediate effect "because we are not statutory auditors of a substantial number of other Adani Group of companies." It went on to state that it had given a qualified opinion in audit of financial statements for quarters ended March 2023 and June 2023.
Deloitte said Adani Ports did not have adequate internal control system to even examine veracity of allegations ( made by Hindenburg) on related party relationships