Abstract: Analyzing how announcements of share buybacks impacted the stock prices of small enterprises between 2019 and 2022 is the main goal of the research study. Based on their market capitalization, the historical share prices of 15 companies were collected. Any one of the two indexes—the BSE or the NSE—has these companies listed. Applying the event window methodology as a statistical tool to assess how share buybacks affect the price of small-cap stocks over a given time period, which spans from -40 to +40 (a total of 81 days). The study's findings imply that the shares of small-cap companies did not exhibit notable price movement for the majority of the days during the event window on the announcement of a share buyback in the short term, indicating that the small-cap companies' share price did not significantly respond  on share buyback announcement. In addition to the previously mentioned finding, the small-cap companies' share showed distinct responses throughout the pre and post sub-event windows. This suggests that during the majority of the post-event sub-windows, the price of the small-cap companies' share varied significantly.

Keywords: Share Buyback, Small-Cap Companies, Event-Window.