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Its stock, issued at $19, now trades at $23.32.
The remaining shares will come in the form of new stock issued by United Spirits.
But profit on an investment financed with equity - stock issued by the company - is taxed.
The stock, issued at $18 a share, closed its first day of trading at $47.75.
A number of securities analysts who followed the stock issued reports on Tuesday countering Mr. Einhorn's report.
Book stock issued to libraries has reduced significantly from five million to under three million in the last 10 years.
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In a research note published before the stock issuing, UBS reiterated a "buy" rating on the stock and $350 target price.
The few tracking stocks issued most recently have not fared particularly well.
So the 23 stocks issued so far in May looks a bit high.
The report's calculations are based entirely on annual reports on fish stocks issued by the National Marine Fisheries Service.
Another document detailed the stocks issued in the name of an Iraqi petroleum company owned by the same man.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com