Billionaire investor Bill Ackman says he found short-seller Hindenburg Research's report on India's Adani Group 'highly credible and extremely well researched'
"I found Hindenburg report highly credible and extremely well researched," says billionaire hedge fund manager, adding Adani Group's response"speaks volumes. Caveat emptor."
Adani Group is India's second-largest conglomerate, with the combined market capitalisation of its seven listed companies exceeding $218 billion. Billionaire hedge fund manager Bill Ackman has said that he found short-seller Hindenburg Research's report on Adani Group "highly credible and extremely well researched."
"Adani's response to @HindenburgRes is the same as @Herbalife’s response to our original 350-page presentation. Herbalife remains a pyramid scheme. I found the Hindenburg report highly credible and extremely well researched. @AdaniOnline response speaks volumes. Caveat emptor," Ackman said in a tweet on Thursday.
"We are not invested long or short in any of the Adani companies... nor have we done our own independent research," Ackman added.Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after Hindenburg released the report, which accused the conglomerate of improper use of offshore tax havens and also said it held short positions in the company through its US-traded bonds and non-Indian-traded derivative instruments.
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