According to Reuters, Bill Ackman tweeted on Thursday saying the Hindenburg Research’s report on the Adani Group, owned by Asia’s richest person Gautam Adani, is ‘“highly credible and extremely well researched.” Bill Ackman or William Albert Ackman is a billionaire CEO of Pershing Square Capital Management, a US-based investment adviser firm.
He was referring to the Hindenburg Research report released a few days earlier highlighting Adani Group’s improper financial conduct relating to offshore tax havens, US-traded bonds and non-Indian traded derivatives. After the report, shares of the seven Adani-listed entities lost about $10.73 billion in market capitalisation in India.
Responding to the report, Adani Group in their statement they are considering “remedial and punitive action” against Hindenburg, calling it “maliciously mischievous, unresearched.”
