New York-based Hindenburg Research hit back at Adani Group, the Indian conglomerate it accused of fraud last week, wiping billions from the share price.
Short-selling specialist Nate Anderson’s firm had asked 88 specific questions of Adani in its initial report on Tuesday.
Over the weekend Adani called the campaign a “calculated attack on India” and dubbed Hindenburg the “Madoffs of Manhattan”.
Hindenburg replied: “[Adani] predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative.”
See the original report, Adani’s response to the allegations and Hindenburg’s subsequent response.
Bill Ackman, who has waged several high-profile short campaign, said he “found the Hindenburg report highly credible and extremely well researched.”
On social media posts referring to Pershing Square’s campaign against Herbalife, he said “short selling is not a good way to make money” and that they no longer short stocks.
“But we have a lot of respect for short sellers who do good research like Hindenburg.”