ARCHIVES
VOL. 12, ISSUE 3 (2026)
Economic factors and share price analysis – a case study of Sun Pharma, Maruthi Suzuki, Axis Bank and ONGC in India
Authors
Dr. Gajendra Babu PGK, Dr. Ravindar Kapuganti
Abstract
The macro economic factors are uncontrollable,
unavoidable and non-diversifiable factors that affect entire market returns
either positively and negatively. The measuring the impact of economic factors
on the share price is very dynamic and need of the hour in domain of finance
and investment. Therefore, present study analyzed the impact of economic
factors GDP growth, inflation, FII, exchange rate, IIP growth and crude oil
prices on share price behaviour of selected companies Sun pharma, Axis bank,
Maruthi Suzuki and ONGC for the period of 2016-2025. The study adopted panel
data analysis and endeavoured to find out model fit. The model supported Fixed
Effect Model over the Random Effect Model by a significant Chi-Square value of
14.27 (p = 0.027) and rejects the Random Effect specification. The results
suggest that the recommended Fixed Effect Model demonstrates Foreign
Institutional Investment (FII) and Crude Oil Price as major predictors of share
prices, but GDP Growth, Inflation, Exchange Rate and IIP Growth are not
significant determinants.
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Pages:115-119
How to cite this article:
Dr. Gajendra Babu PGK, Dr. Ravindar Kapuganti "Economic factors and share price analysis – a case study of Sun Pharma, Maruthi Suzuki, Axis Bank and ONGC in India". International Journal of Commerce and Management Research, Vol 12, Issue 3, 2026, Pages 115-119
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