Sponsoring an event & Stock returns : Vivo IPL to Tata IPL

Title sponsorship of Indian Premier League 2022-2023 has been given to Indian giant Tata group. This study aims to examine the most impacted company of the Tata group in terms of stock return. The closing price of 17 stocks and the market index were collected from the Prowess database. The event study methodology was used to study the objective. The study employed the twenty-one days event window and 224 days estimation window to estimate the returns. The results conclude that Tata communication ltd. and Indian hotels Co. Ltd. have a significant positive abnormal return on the event day. Overall the average abnormal return of all stocks was found to be significantly positive on the next day of the event. This study implies that the market was optimistic regarding the communication and hospitality segment of the Tata group during the IPL tournament