
Abstract: Corporate reporting allows companies to convey their value openly. Such reports are essential for organizations seeking transparency, fairness, and accountability. They enable companies to highlight the financial health of their business. One year after Hindenburg Research made allegations of stock manipulation against the Adani Group, this study is designed to investigate a dataset encompassing the opening and closing stock prices of different companies within the Adani Group. The goal is to detect any instances of non-conformity. Utilizing a widely recognized forensic accounting technique like Benford's Law, verification is carried out using the mean absolute deviation. The database comprises the opening and closing stock prices of six companies within the Adani Group sourced from the National Stock Exchange (NSE). The findings indicate that the stock prices, as reported in the NSE from the day following their listing, deviate from Benford's distribution, and the level of adherence to this distribution diminishes notably. Adani Enterprises Ltd. and Adani Power Ltd. exhibit satisfactory conformity within the second-digit range. This investigation solely addresses the six companies within the Adani Group in response to allegations by Hindenburg Research and OCCRP, excluding examinations of scams or scandals involving other institutions. The study employs a single method, namely MAD, to assess conformity with Benford's Law.
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