QPR were comprehensively beaten by the Owls and Redknapp conceded afterwards that his side's chances of gaining instant promotion to the Premier League automatically were slim.
"In troubled times now is the time to stand behind your club manager and players," tweeted Fernandes this afternoon.
"I stand by my players. Full stop and my manager.
"Look a leader stands behind his troops. Now is the time we should rally round Harry and the players."
A finish in the playoffs is now most likely for QPR, who are seven points clear of Reading in seventh with 10 games left of the season.