After nearly a month, Viceroy Research’s counter attack to Capitec’s rebuttal of its original report appeared on its free WordPress website on Wednesday.

Viceroy — a three-man team headed by disbarred UK social worker Fraser Perring and Australians Gabriel Bernarde and Aidan Lau — posted a letter on its WordPress site claiming the 17-page response Capitec issued on February 8 was "wholly inadequate".

Viceroy succeeded in driving down the bank’s share price about 25% from about R1,070 on January 25 — when rumours started that it was the short-selling team’s next target — to less than R800 after their report appeared on the site on January 30.

A series of lengthy responses from Capitec published on its website saw its share recover to more than R850 in the past few weeks

On Wednesday, Viceroy listed seven questions it claimed Capitec did not answer properly. Its WordPress posting was subtitled: "A perfect example of why Viceroy don’t [sic] ‘engage with management’ — they don’t answer our questions".

The reaction by Capitec’s share price indicates Viceroy may have lost credibility.

In a generally bad day for banks following the resignation of US President Donald Trump’s economic advisor Gary Cohn, the JSE’s banking index was down more than 2% — more than Capitec’s 1.8% drop to R851. The bank will no doubt answer Viceroy’s seven questions in less time than the three-man team took to think of them.