( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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DEMONETIZATION AND ITS IMPACT ON INDIAN STOCK MARKET WITH SPECIAL REFERENCE TO SECTORAL INDICES OF BOMBAY STOCK EXCHANGE

    2 Author(s):  DEBAJIT RABHA ,HAFIZA AHMED

Vol -  13, Issue- 1 ,         Page(s) : 223 - 236  (2022 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

Demonetization initiated by the Government of India on November 8, 2016 has impacted the Indian economy across sectors. The present paper studies the impact of demonetization on the Indian stock market. The nine sectoral indices of the BSE viz. Auto, FMCG, Health, IT, Oil & Gas, Bank, PSU, Realty and Energy were studied using the event study methodology. The alpha and beta value have been derived by using the information from the estimated window period i.e. from 2nd November 2015 to 30th October 2016. Using the data during the event window period from 1st November 2016 to 30th November 2016 (21 days), the study found sectors like Health, IT, Oil & Gas, PSU and Energy perform positively whereas sectors like Auto, FMCG Bank and Realty perform negatively. The paper concludes that demonetization impacted a mixed result.

Bansal, J. (Jan 2017). Impact of demonetisation on Indian economy. Internal Journal of Science Technology and Management, 6(1), pp.598-605.
Chauhan, S., & Kaushik, N. (June, 2017). Impact of demonetisation on stock market: Event Study Methodology. Indian Journal of Accounting (IJA), XLIX(1), pp127-132.
Chellasamy, P., & Anu, K.M. (May –June, 2017).  Impact of Demonetisation on Indian stock market: With special reference to sectoral indices in National stock exchange of India. IOSR Journal of Economics and Finance (IOSR-JEF),8(3),pp. 51-54.

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