Bill Ackman says Hindenburg's report on Adani Group 'highly credible'

BILLIONAIRE investor William Ackman in a tweet on Thursday said that he found short-seller Hindenburg Research's report on Adani Group "highly credible and extremely well researched."

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 U.S.-traded bonds and non-Indian-traded derivative instruments.

"We are not invested long or short in any of the Adani companies... nor have we done our own independent research," Ackman said in a tweet. - Reuters