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Methodology For the purpose of the present study, secondary data have been used. The secondary data have been collected from published reports of selected Indian public sector enterprises and records of Government of India. Statistical test has also been applied in appropriate context. Ratio analysis, mean, standard deviation, co-efficient of variation, and student ‘t’ test are used to analyze the data. Results and Discussion An attempt has been made to study the impact of disinvestment in Oil and Natural Gas Corporation Ltd, Steel Authority of India Ltd., Mahanagar Telephone Nigam Ltd. and Shipping Corporation Ltd. with the help of certain identified indicators such as operating performance based on sales, investment and employment and corporate liquidity, financial strength and asset usage. Research Methodology To achieve above mentioned objectives seven companies had selected out of which three are from Maharatna i.e., Coal India Limited, Oil And Natural Gas Corporation, Steel Authority Of India Limited and three from Navaratna i.e., National Aluminum Company, Rural Electrification Corporation, Engineers India. To study financial performance of selected companies following vital ratios had selected which will indicate overall financial performance of companies PBIT, Net Profit, Equity Ratio, Assets Ratio and Capital Employed Ratio. The period of the study is from 2007 to 2017 and 2012 is considered as base year. The data had been collected from various secondary sources like official websites, search engines, articles and etc. Paired T-test used for testing the statistical significance and this test is applied not only for ratio performance but also effect of disinvestment on the basis of pre and post disinvestment