Bill Ackman, a multibillionaire investor from the United States, stated on Thursday that he thought the report by short-seller Hindenburg Research on India's Adani Group was "highly credible and extremely well researched."

Following the publication of the report by a U.S. short-seller accusing the conglomerate of improper use of offshore tax havens, shares of seven listed group companies of Adani saw a $10.73 billion decline in market value in India on Wednesday.

In its report, Hindenburg also claimed to have shorted Adani Group through its derivative securities traded outside of India and the U.S.

Adani Group described the report as "maliciously mischievous and  unresearched," and stated that it is considering "remedial and punitive action" against Hindenburg.

Shortly after, Hindenburg declared that, should the Adani Group file a lawsuit in the US, it will request documents as part of the legal discovery procedure.

"The same way Herbalife responded to our initial 350-page presentation, Adani responded to Hindenburg. Herbalife continues to be a Ponzi scheme. The Hindenburg report was very well researched, and I found it to be highly credible," "Ackman, the CEO of Pershing Square, stated in a tweet on Thursday.

He continued, "We have not conducted our own independent research, and we are neither long nor short in any of the Adani companies or Herbalife."

Beginning in 2012, Ackman wagered $1 billion against Herbalife on the grounds that it was a pyramid scheme and in violation of Chinese direct-selling laws.

When his bets failed in 2018, he cut his short position in Herbalife at a loss, despite the company's shares increasing by more than 150%.