Vol. 7, Issue 1, Part F (2025)

Financial Shenanigans are deceptive actions to wrongly represent companies’ financial information. It includes various fraudulent entities, manipulating financial records etc. The purpose of financial shenanigans is to create a misrepresenting picture of financial health of company.
The present paper analyze few past case studies involving financial shenanigans and also study financial shenanigans with Montier C score for selected sample companies for the period of 5 years i.e. from 2019-2020 to 2023-2024 as well as correlation between Montier C Score and Market value of shares is also checked.
It is concluded that the highest score of 6 was seen in case of Divis laboratories in the year 2021-2022 and 2023-2024.However Score of 6 was also seen in Dr Reddys laboratories ltd in the year 2019-2020.It can be interpreted that the above 2 companies were involved in financial manipulations in that respective period as per Montier C score results. In majority of cases there is positive correlation between Montier C score and Market value of shares however significant correlation seen in case of Sun Pharmaceuticals ltd and Zydus Life science Ltd.