The objective of the study is to investigate the influence of the coronavirus pandemic (endogenous crisis) on the stock market efficiency of India during the multiple break periods. The empirical analysis is performed using conditional heteroscedasticity and a small sample robust wild bootstrap automatic variance ratio test and automatic portmanteau test on a daily stock return data of two benchmark indices, that is, NIFTY and SENSEX. The empirical results demonstrate that the stock return of two indices deviates from market efficiency during some periods of the analysis, notably during the nationwide lockdown and peak periods of coronavirus cases in India. These findings indicate that changing stock market behaviour becomes more speculative and earns abnormal profits. To the best of the author’s knowledge, this study provides the first evidence of investigating the variations in the stock market efficiency of India in response to this endogenous crisis.

该研究的目的是调查冠状病毒大流行（内源性危机）在多个休息期间对印度股市效率的影响。实证分析采用条件异方差性和小样本鲁棒Wild Bootstrap自动方差比检验和自动portmanteau检验对两个基准指数NIFTY和SENSEX的每日股票收益数据进行。实证结果表明，在分析的某些时期，特别是在印度全国封锁和冠状病毒病例高峰期，两个指数的股票收益偏离了市场效率。这些发现表明，不断变化的股市行为变得更具投机性，并获得了异常利润。据作者所知，