US hedge fund made 50pc on Adani short-sell attack

New York investment fund Kingdon Capital Management had advance notice of a research report accusing the Indian conglomerate of fraud last year.

Bhuma Shrivastava and Bei Hu

Jul 11, 2024 – 5.00am

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An activist short seller, a New York hedge fund, a Mauritius-based investment vehicle and a broker tied to a big Indian bank: all played a role in one of the world’s most damaging short-seller attacks.

A fresh war of words between the short seller – Hindenburg Research – and India’s markets regulator has thrown up an intriguing cast of characters behind the scathing report and related bets against the Adani Group that wiped out as much as $225 billion in market value last year.

Washington Post