Adani Ports and Special Economic Zone Ltd. (Adani Ports)'s stock declined roughly 4% in Monday's trading as a result of Deloitte Haskins & Sells LLP resignation as the company's and its significant subsidiaries' statutory auditor. Deloitte had been retained by Adani Ports as its statutory auditor in July 2022 for an additional term of five years.

In a recent meeting, Deloitte expressed a lack of a larger audit role as auditors of other listed Adani portfolio firms, according to Adani Ports. After the news broke, the stock dropped 3.61 percent to a low of Rs. 771.70 on the BSE.

"The Audit Committee was of the view that the grounds advanced by Deloitte for resignation as statutory auditor were not convincing or sufficient to warrant such a move. It was also conveyed that it is not within the remit of the APSEZ and its board to recommend group-wide appointments as other listed Adani portfolio companies are completely independent, with separate boards, executive teams and minority shareholders," Adani Ports said.

Adani Ports informed stock markets that Deloitte declined to continue serving as APSEZ's statutory auditor as a result. As a result, it was decided to amicably terminate the client-auditor contractual relationship between APSEZ and Deloitte.

However, Deloitte affirmed that it received all the Adani Ports data directly from the organisation's management.

"The ’Other Matters’ highlighted in the auditor’s resignation are adequately disclosed and addressed in our FY23 financial statements. We are fully confident that these matters will be appropriately resolved in our September 2023 filing," Adani Ports said.

Meanwhile, Adani Ports declared that MSKA & Associates Chartered Accountants will serve as its new auditor.

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