Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds, two people familiar with the matter said on Monday.

Sources said the audit is primarily to show to regulators that the group has nothing to hide and it complies with relevant laws. The audit will specifically look at whether there was any misappropriation or repatriation of funds and if loans were used for any purpose other than the one they were intended for.