Billionaire investor Bill Ackman has weighed in on recent allegations against India’s Adani Group made by U.S.-based short-seller Hindenburg Research this week, calling them “highly credible and extremely well researched” during an interview with CNBC yesterday (Thursday).
He believes that these accusations should be taken seriously and urges for answers from Adani itself regarding their validity or lack thereof; however he also noted his confidence in their ability to respond accordingly given how well documented this research was found to be.
“I think it’s a very thorough report,” Ackman said in an interview with CNBC. “It raises some serious questions that Adani needs to answer, and I’m sure they will.”
The report by the U.S.-based short-seller Hindenburg Research alleged that the Indian conglomerate had engaged in fraudulent activities such as overstating its profits and inflating its assets.
The allegations sent shares of Adani Enterprises Ltd., one of the group’s listed companies, plunging more than 20% on Wednesday before recovering slightly on Thursday after a denial from the company.