(Bloomberg) — Investor Bill Ackman doubled down on his criticism of Adani Group, saying that there’s just too much liability exposure for the banks involved in the Indian company’s equity sale.

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The billionaire founder of Pershing Square suggested that bankers involved should do more due diligence on the issues identified in the Hindenburg report.

Hindenburg Research released a report just days before Adani launched India’s biggest ever primary follow-on public offering, seeking to fund capital expenditures and to pay down the debt of its various units. Ackman on Thursday said he found the report “highly credible and extremely well researched.”

Read more: Ackman Likens Adani’s Hindenburg Response to Herbalife Short

Adani released a 413-page rebuttal Sunday, saying that Hindenburg’s conduct “is nothing short of a calculated securities fraud.”

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