Impact of financial results announcement on share price in india with reference to bse sensex companies

A financial results announcement is a significant event in the corporate world where a publicly traded company reports its financial performance to shareholders, investors, analysts, and the broader market. Financial results announcements are crucial disclosures that provide insight into a company's financial performance, impact stock prices, and play a vital role in maintaining transparency and accountability in the corporate world. They are essential tools for investors, analysts, and stakeholders to make informed decisions and assess the health and trajectory of a company. This study examines the market reactions to financial results announcements of BSE SENSEX companies over four quarters spanning 2022 to 2023. The analysis focuses on abnormal returns, providing insights into how these returns deviate from normal expectations during a 21-day window period surrounding each announcement. The findings reveal consistent quarterly patterns, with a notable negative trend in abnormal returns leading up to the event days (typically day 0), indicating a cumulative negative impact on returns during the pre-event period. However, after the event days, abnormal returns exhibit mixed patterns, reflecting both positive and negative deviations from normal returns. Notably, these differences in returns on event days are not statistically significant.