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Covid-19 pandemic and stock returns in India

Munusamy Dharani Orcid Logo, M. Kabir Hassan Orcid Logo, Makeen Huda, Abedin Abedin

Journal of Economics and Finance, Volume: 47, Issue: 1, Pages: 251 - 266

Swansea University Author: Abedin Abedin

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DOI (Published version): 10.1007/s12197-022-09586-8

Abstract

This paper examines whether the Covid-19 pandemic has had a homogeneous or heterogeneous effect on stock returns in India. We consider panel data by using 1,318 companies that are listed on the National Stock Exchange of India. We find that the daily growth rate in Covid-19 cases and Covid-19 deaths...

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Published in: Journal of Economics and Finance
ISSN: 1055-0925 1938-9744
Published: Springer Science and Business Media LLC 2023
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URI: https://cronfa.swan.ac.uk/Record/cronfa64278
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first_indexed 2023-09-18T11:08:51Z
last_indexed 2023-09-18T11:08:51Z
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spelling v2 64278 2023-08-31 Covid-19 pandemic and stock returns in India 4ed8c020eae0c9bec4f5d9495d86d415 Abedin Abedin Abedin Abedin true false 2023-08-31 BAF This paper examines whether the Covid-19 pandemic has had a homogeneous or heterogeneous effect on stock returns in India. We consider panel data by using 1,318 companies that are listed on the National Stock Exchange of India. We find that the daily growth rate in Covid-19 cases and Covid-19 deaths are negatively associated with stock returns. Further, we observe that the average stock returns during Lockdown 2 are positive and highly significant, while the returns during Lockdowns 3 and 4 are negative. Moreover, our results show that the chemical, technology, and food and beverage industries earn higher returns. In contrast, the banking and finance, automotive, services, and cement and construction industries yield lower returns for the overall period. Interestingly, all industry groupings in this study earn a positive return during the lockdown period. In particular, the chemical, technology, automotive, metals and mining, and food and beverage industries provide higher returns during the lockdown period. Finally, this study supports the claim that the Covid-19 pandemic has had a heterogeneous effect in the Indian stock markets. Journal Article Journal of Economics and Finance 47 1 251 266 Springer Science and Business Media LLC 1055-0925 1938-9744 Covid-19, Stock markets, Lockdown effect, Stock returns, Global markets 1 3 2023 2023-03-01 10.1007/s12197-022-09586-8 http://dx.doi.org/10.1007/s12197-022-09586-8 COLLEGE NANME Accounting and Finance COLLEGE CODE BAF Swansea University 2023-09-19T16:04:10.4354379 2023-08-31T19:11:10.3584650 Faculty of Humanities and Social Sciences School of Management - Accounting and Finance Munusamy Dharani 0000-0001-6045-4926 1 M. Kabir Hassan 0000-0001-6274-3545 2 Makeen Huda 3 Abedin Abedin 4
title Covid-19 pandemic and stock returns in India
spellingShingle Covid-19 pandemic and stock returns in India
Abedin Abedin
title_short Covid-19 pandemic and stock returns in India
title_full Covid-19 pandemic and stock returns in India
title_fullStr Covid-19 pandemic and stock returns in India
title_full_unstemmed Covid-19 pandemic and stock returns in India
title_sort Covid-19 pandemic and stock returns in India
author_id_str_mv 4ed8c020eae0c9bec4f5d9495d86d415
author_id_fullname_str_mv 4ed8c020eae0c9bec4f5d9495d86d415_***_Abedin Abedin
author Abedin Abedin
author2 Munusamy Dharani
M. Kabir Hassan
Makeen Huda
Abedin Abedin
format Journal article
container_title Journal of Economics and Finance
container_volume 47
container_issue 1
container_start_page 251
publishDate 2023
institution Swansea University
issn 1055-0925
1938-9744
doi_str_mv 10.1007/s12197-022-09586-8
publisher Springer Science and Business Media LLC
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Accounting and Finance{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Accounting and Finance
url http://dx.doi.org/10.1007/s12197-022-09586-8
document_store_str 0
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description This paper examines whether the Covid-19 pandemic has had a homogeneous or heterogeneous effect on stock returns in India. We consider panel data by using 1,318 companies that are listed on the National Stock Exchange of India. We find that the daily growth rate in Covid-19 cases and Covid-19 deaths are negatively associated with stock returns. Further, we observe that the average stock returns during Lockdown 2 are positive and highly significant, while the returns during Lockdowns 3 and 4 are negative. Moreover, our results show that the chemical, technology, and food and beverage industries earn higher returns. In contrast, the banking and finance, automotive, services, and cement and construction industries yield lower returns for the overall period. Interestingly, all industry groupings in this study earn a positive return during the lockdown period. In particular, the chemical, technology, automotive, metals and mining, and food and beverage industries provide higher returns during the lockdown period. Finally, this study supports the claim that the Covid-19 pandemic has had a heterogeneous effect in the Indian stock markets.
published_date 2023-03-01T16:04:13Z
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score 11.037166

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