But on Tuesday, the overall share sale was fully subscribed as foreign institutional investors and corporates pumped in funds, although participation by retail investors and Adani Enterprises employees remained low.
That sparked $65 billion in cumulative losses for stocks of the Adani group, which called the report baseless.
The support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees.
Demand mostly came from foreign institutional investors, as well as corporates who bid in excess of 1 million rupees each, data showed.
Adani Transmission closed nearly 4% higher on Tuesday after losing 38% since the Hindenburg report, while Adani Ports and Special Economic Zone climbed 2.6%.