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After the publication of the Hindenburg report on the Adani Group, one of the biggest Indian industrial conglomerates, there has been considerable debate about whether the Adani group engaged in stock price manipulation. Based on Multifractal Detrended Fluctuation Analysis (MF-DFA) of daily and intraday data for share prices of all listed companies in the Adani group for the period between 2010 and 2022, we find that Adani group companies had lower levels of price efficiency than other large, listed companies in India. Although low price efficiency does not necessarily imply price manipulation, it suggests the existence of considerable information asymmetries.
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Rasheed et al. (2024) studied this question.
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