Financial shenanigans are purposeful manipulation of financial data or following unethical practices by individuals or companies to cheat investors, regulators, or other stakeholders. The aim of financial shenanigans is to create wrong picture of financial health of company or its financial performance. Financial shenanigans are also referred as manipulations in market prices of company by doing insider trading. Financial Shenanigans affect reliability of financial statement which is most important qualitative feature of financial statements.

Due to increase in competition, nowadays many companies are involving in financial shenanigans to either increase their market value or maintain it. On the other hand, many techniques are available to check if company is involved in financial shenanigans or not. Few of them includes Beneish M score, Montier C score, Pustylnick P-Score, Dechow F- Score etc. Most frequently used and well-known technique is Benish M score.

The present paper is taken up with the objective to understand various kinds of financial fraud/ Shenigans s which are possible in different companies, also to learn reasons behind financial fraud/ Shenigans and to study financial shenanigans with Beneish M score [8 factor model]for selected sample companies for the period of 5 years i.e. from 2019-2020 to 2023-2024.For the purpose of study top five pharmaceutical companies on the basis of Market value in March 2024 were identified viz Sun Pharmaceutical Industries ltd, Divis Laboratories ltd, Cipla Ltd, Zydus Lifesciences Ltd, Dr Reddys Laboratories Ltd. Appropriate hypothesis are framed and tested for the purpose of study. Results shown that high Manipulations found in Divis laboratories as compared to other companies during the period of study.