Adani's debt concern may be overstated: SES

New Delhi: With about $140 billion in market value of its group companies being wiped off in five weeks, Adani Group needs a third-party audit of accounts to allay fears of shareholders even though the concern over group debt may be 'overstated', a proxy advisory firm said.

"In addition to the response to Hindenburg, who is not a stakeholder, Adani must care for its stakeholders (investors and lenders) and address all areas of concern," SES said in a report. "An independent third party confirmation of its accounts would go a long way in establishing and restoring credibility."

The apples-to-airport conglomerate has been rocked by a damning report by US short-seller Hindenburg Research which alleged "brazen stock manipulation and accounting fraud" and use of a number of offshore shell companies to inflate stock prices.