I think it’s a very credible report,” Ackman said in an interview with CNBC. “It was extremely well researched and I think the conclusions are quite damning.”
Hindenburg Research released its report on Adani Group earlier this week, alleging that the Indian conglomerate had engaged in fraud and other financial misdeeds. The report sent shares of Adani plunging more than 10% on Thursday.
Billionaire investor Bill Ackman has weighed in on Hindenburg Research’s recent investigation into India’s Adani Group, calling it “highly credible and extremely well researched” during an interview with CNBC Thursday morning. He believes that the findings of the research are “quite damning” for the company, which saw its stock drop by over 10%.
The short-seller Hindenberg Research published their detailed analysis Tuesday night, accusing Adani of various fraudulent activities as well as other financial misconducts such as manipulating profits to increase share prices artificially or hiding losses from investors through accounting tricks. This led to widespread speculation about whether these allegations were true or not – until now when Ackman gave his opinion on them after having read through all available information himself.