(Bloomberg) -- The conglomerate backed by Indian tycoon Gautam Adani has $34.7 million of coupon payments due this week on its dollar bonds, most of which have plunged as fallout spreads from a US short seller’s allegations of fraud and market manipulation. 

Adani Ports & Special Economic Zone Ltd. must pay a combined $24.7 million in interest on three bonds Thursday. Next up is Adani Transmission Ltd. with a $10 million coupon payment Friday. 

There’s been no suggestion that either company would struggle to make the payments, but traders alarmed by the crisis engulfing the conglomerate have dumped the group’s debt securities. All 15 of the dollar bonds dropped on Thursday, according to Bloomberg-compiled data. 

Adani Ports “is a strong business generating positive cash flow with a history of operating profitability, along with larger cash reserves,” said Kaveh Namazie, a credit strategist at Australia & New Zealand Banking Group Ltd. 

“The levels at which the bonds are trading could have value,” he said, referring to the group’s dollar bonds in general.  

Here’s a list of the upcoming dollar bond interest payments:

The turmoil was set off by allegations made late last month by short seller Hindenburg Research, which accused the Adani group of market manipulation and accounting fraud. Adani Group has vigorously rebutted the claims, which company executives labeled “bogus” in a call with bondholders last week. 

A spokesperson for Adani Group didn’t respond to a request for comment regarding its debt payment plans. 

--With assistance from P R Sanjai.

(Updates with bond prices, analyst quote from third paragraph)

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