A Study on the Impact of Covid-19 Lockdown on Share Price
Executive Perspective
This paper attempts to analyze the impact of COVID-19 lockdown on share prices and also to know the percentage variations in share prices of ten selected companies from five different sectors, i.e., banking sector, steel sector, Oil sector, Insurance sector and Pharmaceutical sector. It covers daily price data of the selected companies for 28 days period, i.e., 14 days before the announcement of lockdown and 14 days after the date of lockdown announcement. For this purpose we are conducting t-test-statistics for null hypothesis. We specify a 95% confidence interval, or a 0.05 level of significance for each test-statistic. The study found significant evidence of impact on share price of companies in Banking and Insurance sector due to lockdown while no significant impact on share price of companies in Insurance sector and Pharmaceutical sector. Oil sector has witnessed mixed results. Read on…
1. Introduction, Research Objectives & Hypotheses
In the present scenario when the whole world is struggling against COVID-19, a nationwide lockdown was announced from 24th March’2020 by our Prime Minister of India. COVID-19 lockdown degraded the Indian economy. The whole country is suffering from this damage and this has adversely affected the entire economy i.e., Gross Domestic Product (GDP) rate, Consumer Price Inflation (CPI), Revenue Collection, Stock Markets, Employment rate etc. Our study mainly focuses on the impact on share price due to COVID-19 lockdown.
Research Objectives:
- To study the impact of COVID-19 lockdown on share price.
- To know the percentage variations that has occurred in Share price before and after the COVID-19 lockdown.
Statistical Hypotheses:
- Null Hypothesis (H0): μ1 = μ2 (There is no significant impact of COVID-19 lockdown on share price).
- Alternative Hypothesis (H1): μ1 ≠ μ2 (There is significant impact of COVID-19 lockdown on share price).
2. Research Methodology & Census of Sample Companies
In this study analytical research is used, the available information or data are analyzed and critical evaluations are made. It is primarily concerned with testing of hypothesis and specifying and interpreting relationships. This method was selected due to accurate and availability of quantitative numerical data. The study has formulated a set of hypothesis that needs to be confirmed or rejected during the research process following a deductive approach.
This study uses 28 days data selected from March, 2020 to April, 2020 i.e., 14 days before COVID-19 lockdown and 14 days post COVID-19 lockdown. The study collected only secondary data from Moneycontrol. Statistical test like paired t – test, percentage are used in this study. We specify a 95% confidence interval, or a 0.05 level of significance (α = 0.025 for two-tailed test, df = 26, critical t-value = 2.16) for each test-statistic.
Population of the study: The study covers the census of ten organizations, two organizations from each of five sectors:
- Banking Sector: State Bank of India (SBI) and ICICI Bank
- Steel Sector: TATA Steel and JSW Steel Ltd
- Oil Sector: Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC)
- Pharmaceutical Sector: Sun Pharmaceutical Industries Ltd and Cipla Ltd
- Insurance Sector: HDFC Life Insurance Co Ltd and SBI Life Insurance Co Ltd
3. Sectoral Analysis: Banking Sector (SBI & ICICI Bank)
A. State Bank of India (SBI)
| Table 1: Share price of SBI for 28 days | Table 2: t-Test Paired Two Sample for Means (SBI) | ||||
|---|---|---|---|---|---|
| Day | Pre-Lockdown (₹) | Post-Lockdown (₹) | Metric | Value | |
| 1 | 289.85 | 189.95 | Mean (Pre / Post) | 238.26 / 187.83 | |
| 2 | 285.30 | 192.85 | Variance (Pre / Post) | 1223.78 / 33.80 | |
| 3 | 288.30 | 196.05 | Observations | 14 | |
| 4 | 270.45 | 186.95 | Pearson Correlation | 0.455567 | |
| 5 | 253.70 | 196.95 | Hypothesized Mean Diff | 0 | |
| 6 | 245.20 | 186.60 | Degrees of Freedom (df) | 26 | |
| 7 | 212.75 | 175.55 | t Stat | 5.763041 | |
| 8 | 242.25 | 186.35 | P(T<=t) one-tail | 3.28E-05 | |
| 9 | 223.25 | 182.90 | t Critical one-tail | 1.770933 | |
| 10 | 214.90 | 187.70 | P(T<=t) two-tail | 6.57E-05 | |
| 11 | 214.65 | 183.55 | t Critical two-tail | 2.160369 | |
| 12 | 203.85 | 182.30 | Conclusion | Reject H0 | |
| 13 | 209.65 | 188.60 | Percentage Change | -33.13% | |
| 14 | 181.60 | 193.30 | Statistical Significance | Significant Impact | |
Interpretation (SBI): The calculated t-test is 5.76. The critical value for a 0.025 significance level (two-tailed test) with 26 degrees of freedom is 2.16. Our calculated test statistic of 5.76 is bigger than the rejection point of 2.16; therefore we can reject the null hypothesis and accept the Alternative hypothesis that there is significant impact of COVID-19 lockdown on share price of SBI. The share price of SBI decreased due to COVID-19 lockdown from a mean value of ₹ 238.26 to ₹ 187.82 (-33.13%).
B. ICICI Bank
| Table 3: Share price of ICICI Bank for 28 days | Table 4: t-Test Paired Two Sample for Means (ICICI Bank) | ||||
|---|---|---|---|---|---|
| Day | Pre-Lockdown (₹) | Post-Lockdown (₹) | Metric | Value | |
| 1 | 516.45 | 317.15 | Mean (Pre / Post) | 421.82 / 327.83 | |
| 2 | 508.50 | 332.00 | Variance (Pre / Post) | 5436.44 / 406.92 | |
| 3 | 504.75 | 340.10 | Observations | 14 | |
| 4 | 486.25 | 314.00 | Pearson Correlation | -0.520050 | |
| 5 | 457.15 | 324.50 | Hypothesized Mean Diff | 0 | |
| 6 | 465.40 | 311.45 | Degrees of Freedom (df) | 26 | |
| 7 | 425.00 | 286.50 | t Stat | 4.090657 | |
| 8 | 447.45 | 326.10 | P(T<=t) one-tail | 0.000638 | |
| 9 | 402.90 | 319.00 | t Critical one-tail | 1.770933 | |
| 10 | 366.85 | 342.65 | P(T<=t) two-tail | 0.001275 | |
| 11 | 356.00 | 330.85 | t Critical two-tail | 2.160369 | |
| 12 | 339.15 | 327.30 | Conclusion | Reject H0 | |
| 13 | 345.70 | 342.10 | Percentage Change | -27.20% | |
| 14 | 283.90 | 375.95 | Statistical Significance | Significant Impact | |
Interpretation (ICICI Bank): The calculated t-test is 4.09. The critical value for a 0.025 significance level (two-tailed test) with 26 degrees of freedom is 2.16. Our calculated test statistic of 4.09 is bigger than the rejection point of 2.16; therefore we can reject the null hypothesis and accept the Alternative hypothesis that there is significant impact of COVID-19 lockdown on share price of ICICI bank. The share price of ICICI bank decreased from a mean value of ₹ 421.81 to ₹ 327.83 (-27.20%).
4. Sectoral Analysis: Steel Sector (TATA Steel & JSW Steel Ltd)
A. TATA Steel
| Table 5: Share price of Tata Steel for 28 days | Table 6: t-Test Paired Two Sample for Means (TATA Steel) | ||||
|---|---|---|---|---|---|
| Day | Pre-Lockdown (₹) | Post-Lockdown (₹) | Metric | Value | |
| 1 | 387.60 | 285.65 | Mean (Pre / Post) | 315.67 / 277.01 | |
| 2 | 377.00 | 285.75 | Variance (Pre / Post) | 1710.70 / 149.01 | |
| 3 | 375.65 | 277.35 | Observations | 14 | |
| 4 | 351.20 | 254.15 | Pearson Correlation | -0.080195 | |
| 5 | 322.30 | 269.75 | Hypothesized Mean Diff | 0 | |
| 6 | 299.40 | 266.45 | Degrees of Freedom (df) | 26 | |
| 7 | 286.80 | 253.85 | t Stat | 3.283331 | |
| 8 | 325.45 | 276.15 | P(T<=t) one-tail | 0.002968 | |
| 9 | 289.60 | 274.70 | t Critical one-tail | 1.770933 | |
| 10 | 282.30 | 284.80 | P(T<=t) two-tail | 0.005935 | |
| 11 | 280.90 | 282.50 | t Critical two-tail | 2.160369 | |
| 12 | 271.95 | 285.15 | Conclusion | Reject H0 | |
| 13 | 298.05 | 288.60 | Percentage Change | -24.33% | |
| 14 | 271.15 | 293.30 | Statistical Significance | Significant Impact | |
Interpretation (TATA Steel): The calculated t-test is 3.28. The critical value for a 0.025 significance level (two-tailed test) with 26 degrees of freedom is 2.16. Our calculated test statistic of 3.28 is bigger than the rejection point of 2.16; therefore we can reject the null hypothesis and accept the Alternative hypothesis that there is significant impact of COVID-19 lockdown on share price of TATA steel. The share price of TATA steel decreased from a mean value of ₹ 315.66 to ₹ 277.01 (-24.33%).
B. JSW Steel Ltd
| Table 7: Share price of JSW Steel ltd for 28 days | Table 8: t-Test Paired Two Sample for Means (JSW Steel Ltd) | ||||
|---|---|---|---|---|---|
| Day | Pre-Lockdown (₹) | Post-Lockdown (₹) | Metric | Value | |
| 1 | 245.60 | 150.90 | Mean (Pre / Post) | 204.06 / 156.44 | |
| 2 | 245.35 | 149.70 | Variance (Pre / Post) | 1258.56 / 149.49 | |
| 3 | 247.05 | 151.45 | Observations | 14 | |
| 4 | 238.85 | 142.30 | Pearson Correlation | -0.820977 | |
| 5 | 229.00 | 146.45 | Hypothesized Mean Diff | 0 | |
| 6 | 223.50 | 142.95 | Degrees of Freedom (df) | 26 | |
| 7 | 203.05 | 140.00 | t Stat | 3.869376 | |
| 8 | 214.85 | 158.25 | P(T<=t) one-tail | 0.000968 | |
| 9 | 185.80 | 154.65 | t Critical one-tail | 1.770933 | |
| 10 | 176.45 | 166.40 | P(T<=t) two-tail | 0.001935 | |
| 11 | 163.85 | 167.70 | t Critical two-tail | 2.160369 | |
| 12 | 162.65 | 171.15 | Conclusion | Reject H0 | |
| 13 | 176.45 | 171.30 | Percentage Change | -27.95% | |
| 14 | 144.35 | 176.95 | Statistical Significance | Significant Impact | |
Interpretation (JSW Steel Ltd): The calculated t-test is 3.86. The critical value for a 0.025 significance level (two-tailed test) with 26 degrees of freedom is 2.16. Our calculated test statistic of 3.86 is bigger than the rejection point of 2.16; therefore we can reject the null hypothesis and accept the Alternative hypothesis that there is significant impact of COVID-19 lockdown on share price of JSW Steel ltd. The share price of JSW Steel ltd decreased from a mean value of ₹ 204.05 to ₹ 156.43 (-27.95%).
5. Sectoral Analysis: Oil Sector (IOC & ONGC)
A. Indian Oil Corporation (IOC)
| Table 9: Share price of IOC for 28 days | Table 10: t-Test Paired Two Sample for Means (IOC) | ||||
|---|---|---|---|---|---|
| Day | Pre-Lockdown (₹) | Post-Lockdown (₹) | Metric | Value | |
| 1 | 106.70 | 77.95 | Mean (Pre / Post) | 94.44 / 81.07 | |
| 2 | 106.65 | 78.05 | Variance (Pre / Post) | 66.09 / 9.23 | |
| 3 | 104.85 | 76.95 | Observations | 14 | |
| 4 | 100.80 | 76.55 | Pearson Correlation | -0.829347 | |
| 5 | 99.45 | 81.65 | Hypothesized Mean Diff | 0 | |
| 6 | 97.05 | 79.00 | Degrees of Freedom (df) | 26 | |
| 7 | 87.75 | 79.45 | t Stat | 4.638358 | |
| 8 | 92.20 | 83.00 | P(T<=t) one-tail | 0.000232 | |
| 9 | 89.75 | 81.85 | t Critical one-tail | 1.770933 | |
| 10 | 89.45 | 83.40 | P(T<=t) two-tail | 0.000464 | |
| 11 | 88.05 | 83.15 | t Critical two-tail | 2.160369 | |
| 12 | 87.95 | 83.20 | Conclusion | Reject H0 | |
| 13 | 90.60 | 84.75 | Percentage Change | -19.40% | |
| 14 | 80.85 | 86.00 | Statistical Significance | Significant Impact | |
Interpretation (IOC): The calculated t-test is 4.63. The critical value for a 0.025 significance level (two-tailed test) with 26 degrees of freedom is 2.16. Our calculated test statistic of 4.63 is bigger than the rejection point of 2.16; therefore we can reject the null hypothesis and accept the Alternative hypothesis that there is significant impact of COVID-19 lockdown on share price of IOC. The share price of IOC decreased from a mean value of ₹ 94.43 to ₹ 81.06 (-19.40%).
B. Oil and Natural Gas Corporation (ONGC)
| Table 11: Share price of ONGC for 28 days | Table 12: t-Test Paired Two Sample for Means (ONGC) | ||||
|---|---|---|---|---|---|
| Day | Pre-Lockdown (₹) | Post-Lockdown (₹) | Metric | Value | |
| 1 | 93.30 | 61.50 | Mean (Pre / Post) | 73.05 / 70.28 | |
| 2 | 92.85 | 64.80 | Variance (Pre / Post) | 176.32 / 30.10 | |
| 3 | 92.50 | 64.30 | Observations | 14 | |
| 4 | 89.15 | 63.45 | Pearson Correlation | -0.875121 | |
| 5 | 74.65 | 68.30 | Hypothesized Mean Diff | 0 | |
| 6 | 71.65 | 65.75 | Degrees of Freedom (df) | 26 | |
| 7 | 62.60 | 69.85 | t Stat | 0.568204 | |
| 8 | 65.90 | 73.05 | P(T<=t) one-tail | 0.289790 | |
| 9 | 60.15 | 74.25 | t Critical one-tail | 1.770933 | |
| 10 | 60.05 | 77.30 | P(T<=t) two-tail | 0.579579 | |
| 11 | 65.95 | 75.05 | t Critical two-tail | 2.160369 | |
| 12 | 61.10 | 74.35 | Conclusion | Accept H0 | |
| 13 | 72.45 | 75.65 | Percentage Change | -18.22% | |
| 14 | 60.45 | 76.30 | Statistical Significance | No Significant Impact | |
Interpretation (ONGC): The calculated t-test is 0.56. The critical value for a 0.025 significance level (two-tailed test) with 26 degrees of freedom is 2.16. Our calculated test statistic of 0.56 is lower than the rejection point of 2.16; therefore we can accept the null hypothesis and reject the Alternative hypothesis that there is no significant impact of COVID-19 lockdown on share price of ONGC.
6. Sectoral Analysis: Pharmaceutical Sector (Sun Pharma & Cipla Ltd)
A. Sun Pharmaceutical Industries Ltd
| Table 13: Share price of Sun Pharma for 28 days | Table 14: t-Test Paired Two Sample for Means (Sun Pharma) | ||||
|---|---|---|---|---|---|
| Day | Pre-Lockdown (₹) | Post-Lockdown (₹) | Metric | Value | |
| 1 | 393.35 | 347.05 | Mean (Pre / Post) | 376.94 / 397.87 | |
| 2 | 405.70 | 338.55 | Variance (Pre / Post) | 532.95 / 3006.86 | |
| 3 | 404.85 | 338.15 | Observations | 14 | |
| 4 | 400.90 | 333.65 | Pearson Correlation | -0.776546 | |
| 5 | 394.95 | 352.20 | Hypothesized Mean Diff | 0 | |
| 6 | 386.30 | 343.55 | Degrees of Freedom (df) | 26 | |
| 7 | 354.85 | 375.90 | t Stat | -1.055155 | |
| 8 | 384.45 | 417.10 | P(T<=t) one-tail | 0.155285 | |
| 9 | 368.80 | 436.65 | t Critical one-tail | 1.770933 | |
| 10 | 370.55 | 455.20 | P(T<=t) two-tail | 0.310570 | |
| 11 | 362.50 | 462.10 | t Critical two-tail | 2.160369 | |
| 12 | 360.20 | 448.95 | Conclusion | Accept H0 | |
| 13 | 365.80 | 464.10 | Percentage Change | +16.18% | |
| 14 | 324.00 | 457.00 | Statistical Significance | No Significant Impact | |
Interpretation (Sun Pharma): The calculated t-test is -1.05. The critical value for a 0.025 significance level (two-tailed test) with 26 degrees of freedom is 2.16. Our calculated test statistic of -1.05 is lower than the rejection point of 2.16 (i.e., within range from 2.16 to -2.16); therefore we can accept the null hypothesis and reject the Alternative hypothesis that there is no significant impact of COVID-19 lockdown on share price of Sun Pharmaceutical Industries Ltd (+16.18%).
B. Cipla Ltd
| Table 15: Share price of Cipla Ltd for 28 days | Table 16: t-Test Paired Two Sample for Means (Cipla Ltd) | ||||
|---|---|---|---|---|---|
| Day | Pre-Lockdown (₹) | Post-Lockdown (₹) | Metric | Value | |
| 1 | 425.70 | 376.70 | Mean (Pre / Post) | 410.11 / 489.85 | |
| 2 | 447.70 | 386.65 | Variance (Pre / Post) | 561.20 / 7618.52 | |
| 3 | 440.45 | 408.45 | Observations | 14 | |
| 4 | 433.95 | 432.10 | Pearson Correlation | -0.852083 | |
| 5 | 425.55 | 423.00 | Hypothesized Mean Diff | 0 | |
| 6 | 417.55 | 413.55 | Degrees of Freedom (df) | 26 | |
| 7 | 394.85 | 449.10 | t Stat | -2.757780 | |
| 8 | 425.20 | 491.95 | P(T<=t) one-tail | 0.008147 | |
| 9 | 396.40 | 513.00 | t Critical one-tail | 1.770933 | |
| 10 | 401.75 | 579.50 | P(T<=t) two-tail | 0.016294 | |
| 11 | 386.70 | 592.70 | t Critical two-tail | 2.160369 | |
| 12 | 374.60 | 592.55 | Conclusion | Reject H0 | |
| 13 | 393.60 | 600.55 | Percentage Change | +40.49% | |
| 14 | 377.60 | 598.10 | Statistical Significance | Significant Impact (Surge) | |
Interpretation (Cipla Ltd): The calculated t-test is -2.75. The critical value for a 0.025 significance level (two-tailed test) with 26 degrees of freedom is 2.16. Our calculated test statistic of -2.75 is greater than the rejection point of -2.16 (two-tailed); therefore we can reject the null hypothesis and accept the Alternative hypothesis that there is significant impact of COVID-19 lockdown on share price of Cipla Ltd. The share price of Cipla Ltd increased due to COVID-19 lockdown from a mean value of ₹ 410.11 to ₹ 489.85 (+40.49%).
7. Sectoral Analysis: Insurance Sector (HDFC Life & SBI Life)
A. HDFC Life Insurance Co Ltd
| Table 17: Share price of HDFC Life for 28 days | Table 18: t-Test Paired Two Sample for Means (HDFC Life) | ||||
|---|---|---|---|---|---|
| Day | Pre-Lockdown (₹) | Post-Lockdown (₹) | Metric | Value | |
| 1 | 562.90 | 433.75 | Mean (Pre / Post) | 485.30 / 457.69 | |
| 2 | 568.55 | 477.30 | Variance (Pre / Post) | 4645.18 / 717.56 | |
| 3 | 564.40 | 440.85 | Observations | 14 | |
| 4 | 548.00 | 411.60 | Pearson Correlation | -0.636252 | |
| 5 | 517.50 | 441.60 | Hypothesized Mean Diff | 0 | |
| 6 | 513.80 | 429.65 | Degrees of Freedom (df) | 26 | |
| 7 | 472.45 | 422.25 | t Stat | 1.178248 | |
| 8 | 511.90 | 470.35 | P(T<=t) one-tail | 0.129908 | |
| 9 | 473.95 | 476.15 | t Critical one-tail | 1.770933 | |
| 10 | 463.90 | 471.35 | P(T<=t) two-tail | 0.259816 | |
| 11 | 419.10 | 477.30 | t Critical two-tail | 2.160369 | |
| 12 | 416.00 | 470.70 | Conclusion | Accept H0 | |
| 13 | 419.15 | 490.10 | Percentage Change | -12.11% | |
| 14 | 342.55 | 494.70 | Statistical Significance | No Significant Impact | |
Interpretation (HDFC Life): The calculated t-test is 1.17. The critical value for a 0.025 significance level (two-tailed test) with 26 degrees of freedom is 2.16. Our calculated test statistic of 1.17 is lower than the rejection point of 2.16; therefore we can accept the null hypothesis and reject the Alternative hypothesis that there is no significant impact of COVID-19 lockdown on share price of HDFC Life Insurance Co Ltd (-12.11%).
B. SBI Life Insurance Co Ltd
| Table 19: Share price of SBI Life for 28 days | Table 20: t-Test Paired Two Sample for Means (SBI Life) | ||||
|---|---|---|---|---|---|
| Day | Pre-Lockdown (₹) | Post-Lockdown (₹) | Metric | Value | |
| 1 | 899.35 | 586.60 | Mean (Pre / Post) | 747.06 / 669.69 | |
| 2 | 885.65 | 618.20 | Variance (Pre / Post) | 14329.3 / 2819.8 | |
| 3 | 886.25 | 605.60 | Observations | 14 | |
| 4 | 855.85 | 623.15 | Pearson Correlation | -0.752300 | |
| 5 | 821.15 | 640.95 | Hypothesized Mean Diff | 0 | |
| 6 | 810.50 | 635.40 | Degrees of Freedom (df) | 26 | |
| 7 | 753.75 | 650.50 | t Stat | 1.771250 | |
| 8 | 761.55 | 735.80 | P(T<=t) one-tail | 0.049970 | |
| 9 | 719.40 | 743.20 | t Critical one-tail | 1.770930 | |
| 10 | 687.80 | 739.80 | P(T<=t) two-tail | 0.099950 | |
| 11 | 596.00 | 708.15 | t Critical two-tail | 2.160370 | |
| 12 | 609.35 | 701.10 | Conclusion | Accept H0 | |
| 13 | 636.45 | 684.75 | Percentage Change | -21.88% | |
| 14 | 535.85 | 702.50 | Statistical Significance | No Significant Impact | |
Interpretation (SBI Life): The calculated t-test is 1.77. The critical value for a 0.025 significance level (two-tailed test) with 26 degrees of freedom is 2.16. Our calculated test statistic of 1.77 is lower than the rejection point of 2.16; therefore we can accept the null hypothesis and reject the Alternative hypothesis that there is no significant impact of COVID-19 lockdown on share price of SBI Life Insurance Co Ltd (-21.88%).
8. Summary of Findings Across Ten Companies
From the empirical study the consolidated observations and hypothesis test outcomes are tabulated below:
| Sector | Company | Change in Share Price | Impact on Share Price | t-test Decision |
|---|---|---|---|---|
| Banking Sector | SBI | -33.13% | Decrease | Reject the null hypothesis |
| ICICI Bank | -27.20% | Decrease | Reject the null hypothesis | |
| Steel Sector | TATA Steel | -24.33% | Decrease | Reject the null hypothesis |
| JSW Steel Ltd | -27.95% | Decrease | Reject the null hypothesis | |
| Oil Sector | Indian Oil Corporation | -19.40% | Decrease | Reject the null hypothesis |
| ONGC | -18.22% | Decrease | Accept the null hypothesis | |
| Pharmaceutical Sector | Sun Pharmaceutical Industries Ltd | +16.18% | Increase | Accept the null hypothesis |
| Cipla Ltd | +40.49% | Increase | Reject the null hypothesis | |
| Insurance Sector | HDFC Life Insurance Co Ltd. | -12.11% | Decrease | Accept the null hypothesis |
| SBI Life Insurance Co. Ltd | -21.88% | Decrease | Accept the null hypothesis |
9. Conclusion & The Role of Chartered Accountants
In this study we mainly focus on the impact of COVID-19 lockdown on Share price of selected ten organizations from five sectors, i.e., Banking Sector, Steel Sector, Oil Sector, Pharmaceutical sector and Insurance sector and it is seen that there is a significant impact on share price of companies in banking sector and steel sector, while Oil sector has mixed results IOC has seen a significant impact on share price due to lockdown but ONGC has witnessed no significant impact on share price. It is also observed that there is no significant impact on share price of companies in Pharmaceutical sector and Insurance sector. It is seen that Cipla Ltd has a positive impact with a price change of +40.49%.
Role of Chartered Accountants:
A CA can:
- Act as a consultant for providing services relating to share price and future growth of the company thereby providing advisory function to the investors.
- Act as a financial risk manager.
- Provide key services to the Organizations relating to Investments and explore new opportunities.
References:
- Johnson Clement Madathil & Ashitha T (2019), “Before and After GST: Impact in CPI (Consumer Price Index) of India”, International Journal Of Research And Analytical Reviews, Vol. 6, Issue 2.
- Cristiana Tudor, “A Comparative Analysis of Stock Market Behavior after European Accession in Romania and Hungary some Hypotheses Tests”, Faculty of International Business and Economics, the Bucharest Academy of Economic Studies.
- Mahmood F, Ali N, Khadim I & Amina T (2015), “Company Financial Reports and Efficiency of Stock Exchange”, International Journal Of Research in Business Studies and Management, Vol. 2, Issue 10, pp. 39–47.
- https://www.moneycontrol.com
- https://bseindia.com
- https://m.economictimes.com
- https://en.m.wikipedia.org
- https://outlookindia.com