During the period of 2006-07, AARs are not found significant on event day and even afterwards up to seven days, but found significant on t+8 day at 1 per cent level as is evident from Table-1. In addition, AARs are found significant on t-17 and t-16 day at 5 per cent level. On the other hand, these are found significant only for four days during the period of 2007-08. Though positive AARs occurred for 26 days out of 41 days of the event window still it is found insignificant. Further, AARs are found insignificant for all the 20 days before announcement period. Positive AARs have been found significant only for three days, whereas negative AARs are found significant on t+2 day at 1 per cent level. The other three days on which AARs found significant are t+10, t+13 and t+17.