Efficacy of Dividend Announcement on Bluechip Pharma Stocks—An Evidence from the Indian Stock Market

It is always a curiosity to the existing and prospective investors to analyses the impact on any events in the share price or returns. This study adds fuel to that and taken a corporate event of Dividend and its impact in the returns. For the study the researcher has taken pharmaceutical industries for analyzing the impact. The top five companies were selected from the same industries and the time period taken for the study is ten years (2012–2021). Secondary data were collected and the returns were calculated to identify the volatility. Further diving deep descriptive statistics was used to derive mean, median, Standard deviation, Skewness and kurtosis. Out of which the mean helps to identify the volatility and standard deviation helps to identify the risks. Finally the result of the study explains that there is no significant impact on the share price by the announcement of the dividend.