COVID-19 Pandemic: Impact of Lockdown on Firm-Level Returns in India

Nidhi Kaicker, Radhika Aggarwal and Raghav Gaiha

Chapter 20 in Financial Transformations Beyond the COVID-19 Health Crisis, 2022, pp 583-613 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The present study is an important contribution to the sparse literature on the relationship between COVID-19 and stock market returns in India. It relies on a rigorous time-series analysis using firm-level data on a sample of 779 companies in India during the period March 13, 2020, till September 30, 2020. A panel data model is used to assess the impact of the COVID-19 pandemic on firm-level returns. The sectoral analysis provides empirical evidence on the sectors that have been worst and/or least affected as well as the degree of impact. The study also assesses the changing relationship between the pandemic and firm-level returns during the various lockdowns announced by the government of India. Some reflections are also offered on the post-pandemic scenario and policy measures that aid revival, drawing upon a few influential studies.

Keywords: COVID19; Pandemic; Pandemic Outbreak; Health Crisis; Economics; Macroeconomics; Finance; Sustainable Finance; Financial Crisis; Financial Integration; Economic Integration; Global Financial Crisis; Financial Institutions; Corporate Finance; Corporate Governance; Board of Directors; ESG; Corporate Social Responsibility; Sustainable Finance; Stock Markets; Financial Markets; Stock Market Behaviour; Firm Liquidity; Emerging Markets; China; Financial Institutions; Money; Banks; Banking System; Banking Sector; Business Groups; Resilience; Safe Heaven; Gold; Oil; Peer-to-Peer Lending Market; Foreign Trading; Stock Market Volatility; Extreme Events (search for similar items in EconPapers)
JEL-codes: F4 F62 G15 G17 G3 O16 (search for similar items in EconPapers)
Date: 2022
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