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Although there is a plethora of studies which examine the impact of the COVID-19 pandemic on India's financial sector, we contribute by investigating the effect of the ongoing COVID-19 pandemic on stock returns of Indian pharmaceutical companies By employing an event study methodology, our results indicate that the average returns of the pharmaceutical sector are positive during the COVID-19 phase although mixed evidence is found at the firm level This finding is also robust to alternative model specifications © 2021 Bank Indonesia Institute All rights reserved

THE COVID-19 PANDEMIC AND INDIAN PHARMACEUTICAL COMPANIES: AN EVENT STUDY ANALYSIS