Yes, you might call it insulting... but I think he just spoke the sour truth.
Sour Truth!!! Sour Truth to insult someone elder to you. Someone respected in the whole industry!! So we take it from your thinking that all that we have been tought about showing respect to such people was just farce. That we need to be straight forward and say on it on face without any thought if it's an insult or not.
You don't go publicly and call a person Ugly even if he/she is ugly. There's way to express it. Fact is today Abhijeet's market is going down. And if he follows this attitude then very soon he may find himself in real trouble in Bollywood.