19 Orissa Journal of Commerce, Volume XXXXI, April- June-2020, Issue No-II Performance of the Indian Tourism and Hospitality Stocks during the 2019-nCoV Outbreak - An Event Study using Stocks Listed on the NSE Dr. Dharen Kumar Pandey 1 & Smt. Vineeta Kumari 2 ABSTRACT With a sample of 25 NSE listed stocks of the Indian tourism and hospitality industry using the event study methodology the hypothesis that “the 2019-nCoV outbreak had no impact on the stock prices of the tourism and hospitality industry” has been tested. The study evidence that the average abnormal returns (AARs), cumulative average abnormal returns (CAARs) and cumulative abnormal returns (CARs) are negative and significant for the long and the shorter event windows inferring that the global pandemic has significantly impacted the performance of the stocks of the Indian tourism and hospitality industry. Keywords: Event study, abnormal returns, market model, global pandemic. Introduction The 2019-nCoV outbreak was not an anticipated one. Had it been so, it could not have done much harm to the society and the economy. Great economies failed to sustain its ill effects. Being a disease of easy human transmission, it taught the world the lessons of good hygiene and social distancing. People were forced to remain in their houses. A long holiday, indeed but no tour plan. The anticipated incomes of the tourism and hospitality industry went in vain. Almost all the industries have been worst hit but this industry will remain affected for time till the outbreak is permanently contained. Not only domestic but also international tourism has been hit hard. Be it a pilgrim or season’s celebration, a birthday, or an anniversary, the people were forced to celebrate it at home. Previous outbreaks including the SARS have affected a certain portion of the world but the 2019-nCoV outbreak has affected the whole world. The impact on a certain industry could be assessed by the performance of the stocks of that particular industry. The value of the stocks expressed in terms of the returns provides a basis for the interpretation of the degree of impact on that industry. We move forward to record the evidence of the outbreak affecting the returns of the tourism and hospitality industry using the event study methodology. 1. (Corresponding author) Assistant Professor, P.G. Department of Commerce, Magadh University, Bodh Gaya, Bihar, India-824234 Email: dharenp@gmail.com Mobile: 8170080042 2. Assistant Professor, P.G. Department of Commerce, Magadh University, Bodh Gaya, Bihar, India-824234 Email: vidhatamu@gmail.com Mobile: 8709744046