IMPACT OF COVID-19 ON THE STOCK PERFORMANCE: A STUDY OF OIL AND GAS COMPANIES LISTED ON NATIONAL STOCK EXCHANGE

Purpose: This study is an attempt to assess the change in stock return performance of Oil and Gas companies during Covid-19. For this, the daily returns of five leading Oil and Gas companies, Reliance Petroleum Ltd., Oil and Natural Gas Corporation Ltd., Bharat Petroleum Corporation Ltd., Gail Ltd., and Indian Oil Corporation Ltd, are listed on the NSE, were taken. These top five companies were selected based on market capitalizations. By conducting an in-depth analysis, we aim to provide valuable insights into the complex and interconnected nature of these markets, shedding light on the long-term implications for these economies and their global counterparts. Design/Methodology/Approach: We conducted this research by analyzing the daily returns of five prominent oil and gas companies selected based on market capitalization. The event study method was employed to assess the impact of COVID-19 on the stock prices of these companies. The event day chosen for analysis is 25th March 2020, coinciding with the Indian government's lockdown declaration. We examined four distinct event windows to evaluate both immediate and short -term effects on stock returns. Findings: The results of this event study reveal a significant short -term impact of COVID-19 on the stock returns of all four event windows, indicating a notable influence on the oil and gas sector. These findings offer valuable insights for technical analysts seeking to understand the repercussions of unprecedented events on stock market performance. Originality/Value: This research contributes to our understanding of the economic consequences of the COVID-19 pandemic in India, specifically within the context of the oil and gas sector's stock performance on the NSE during these challenging times.