This article examines the impact of the open market repurchase (OMR) buyback route on the stock prices of a data set of 16 Indian listed businesses that conducted buybacks in the FY2022-23. The impact on EPS for which the management executive had an expectation of increase after buyback. The study uses the BSE 500 market index and methodology to examine stock return data. Returns are calculated for the 30 days before and after the buyback announcement in order to test the information signaling theory. Paired sample t-test analysis shows that p value is 0.365 at the end of FY2022-23. Also, analysis of the EPS is done before and after buyback using paired-t test to understand if there was any significant impact on the EPS. The results of the study show that, in contrast to tender offers, OMR has a negligible impact on stock prices, which prevents it from having a signaling effect. In most instances, the market's response to a repurchase offer is contrary to what the signaling hypothesis predicted. The study's findings imply that the share price has already taken into account the news of the repurchase program. This also sheds insight on the Indian stock market's increasing maturity and effectiveness.