As billionaire Gautam Adani works to restore market trust after being hit by a damaging report on a U.S. short seller, other overseas investors including the U.S.-based boutique investment firm GQG Partners have purchased further holdings in Adani group companies worth close to $1 billion.

In a single block trade, the investors purchased 18 million shares, or 1.6% of the main company of the Adani group, Adani Enterprises Ltd., from the Adani family. Sources with knowledge of the transaction reported a total of 35.2 million shares, or 2.2%, changing hands in the renewable energy company Adani Green Energy.

Since Hindenburg Research in a report alleging accounting fraud and stock price manipulation at the Group, leading to a stock market meltdown that at its worst had destroyed roughly $150 billion in market value, GQG Partners has increased its position in the company.

Adani Group has refuted all of Hindenburg's accusations and is preparing a comeback strategy that involves redefining its goals, abandoning acquisitions, paying off debt in advance to allay worries about its cash flows and borrowings, and slowing down the pace at which it invests in new projects.

Promoter shares in four group companies valued at $1.87 billion were sold to GQG Partners by promoters in March. In May, GQG increased that investment by acquiring further shares worth an extra $400-500 million.

Even while all 10 of the companies are still trading below where they were prior to the January 24 announcement, GQG investments served as the Adani group's pillar in its recovery from the losses caused by Hindenburg.