How the religious holiday effect stock return: an empirical evidence from tourism and hospitality industry of India

We examine the impact of The Hindu cultural holiday on stock return. For this study we have selected ten stocks of the Tourism and Hospitality industry of India. This study considers 10 years sample of the selected stocks, 1st January 2013 to 31st December 2022. We have collected the daily closing stock price from the website of the Bombay stock exchange "historical data section". The collected data has been adjusted for stock split, Bonus and consolidation of stock. The celebration date of the Hindu cultural holidays has been obtained from Hindu Almanac.