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All weather friends: How did the Russia-Ukraine war impact Indian stock markets?

Author

Listed:
  • Mohit Saini
  • Mahender Yadav
  • Vaibhav Aggarwal
  • Manoj Kumar

Abstract

The article examines the impact of the Russia-Ukraine war on the Indian economy. Data for 12 sectoral indices and Nifty 50 were retrieved from the official website of the National Stock Exchange of India. Using event study methodology, findings suggest that on the event day, India saw negative average abnormal returns that persisted up to the fifth-day post the event day. Second, the automobile sector witnessed a continued negative abnormal return until the tenth day of the event window. The banking sector was on second, which hurt the most. It observed a high negative abnormal return. As this study supports the negative impact of the war on markets, it implies that investors diversify their funds away from the warzone markets.

Suggested Citation

  • Mohit Saini & Mahender Yadav & Vaibhav Aggarwal & Manoj Kumar, 2023. "All weather friends: How did the Russia-Ukraine war impact Indian stock markets?," International Journal of Diplomacy and Economy, Inderscience Enterprises Ltd, vol. 9(1), pages 93-111.
    • Handle: RePEc:ids:ijdipe:v:9:y:2023:i:1:p:93-111
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    Cited by:

    1. Michał Bernardelli & Zbigniew Korzeb & Paweł Niedziółka & Krzysztof Waliszewski, 2023. "Channels for the Impact of the War in Ukraine on the Commercial Banking Sector in Poland – First Results of the Study," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 17(2), June.
    2. Madhusmita Bhadra & M. Junaid Gul & Gyu Sang Choi, 2023. "Implications of war on the food, beverage, and tobacco industry in South Korea," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-8, December.
    3. Simone Boccaletti & Paolo Maranzano & Caterina Morelli & Elisa Ossola, 2024. "ESG Performance and Stock Market Responses to Geopolitical Turmoil: evidence from the Russia-Ukraine War," Working Papers 544, University of Milano-Bicocca, Department of Economics.

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