Hedge Fund’s Secret Adani Short Revealed in Blow-by-Blow Account

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 $153 billion in market value last year.

The Hindenburg missive sent the Securities and Exchange Board of India, or Sebi, knocking on ...