(Bloomberg) -- Adani Group companies rebounded in the dollar bond market after some dropped to record lows the day before, following a vote of confidence in the Indian conglomerate from Abu Dhabi’s International Holding Co.

A note from one of the group’s key units, Adani Ports & Special Economic Zone Ltd., rose 3.4 cents on the dollar to 68.8 cents as of 9:47 a.m. in Hong Kong. That pares its drop since US-based short seller Hindenburg Research last week alleged “accounting fraud” at Adani group to about 10 cents. At least five other Adani group bonds rose by more than 1 cent on Tuesday.

Abu Dhabi’s International Holding, which is controlled by a key member the emirate’s royal family royal family, voiced its support for Adani group, saying it will invest about $400 million in a follow-on share sale by Adani Enterprises Ltd. IHC is at the forefront of a drive to diversify the United Arab Emirates economy. The $2.5 billion share sale at Adani, scheduled to close Tuesday, represents a key test of broader investor sentiment after the Hindenburg report.

Adani’s debt has been thrust into the spotlight since Hindenburg made its allegations and said it has short positions in Adani’s US-traded bonds and non-Indian-traded derivatives. In a rebuttal, Adani said that some 65 of the 88 questions have been addressed in its public disclosures, describing the short seller’s conduct as “nothing short of a calculated securities fraud under applicable law.” 

Billionaire Gautam Adani is seeking to restore trust in his ports-to-power business following the Hindenburg report. The share sale was supposed to cement his legacy and open his empire to individual investors and broader India. Instead, he’s had to rely on funds from existing investors expressing their support.

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