Mergers and Acquisitions (M & A) have become a vital part of the Indian Oil and Gas sector since the last two decades. The major oil and gas companies are using M & A with varied motives. There is cut throat competition among them and M & A have assumed vital importance. According to the valuation of the deals, India holds the 11 th position globally. 1 ONGC is the leading oil company in India in making substantial amount of cross border acquisitions through its wholly owned subsidiary ONGC

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... sh Limited.The objective of the research will be to analyze the announcement effect of cross border acquisitions by ONGC Videsh ltd on its shareholders.Event study method will be used to analyze the impact of the acquisition announcement by calculating the abnormal return around short window periods. The research type would be analytical. The data will be collected from secondary sources with qualitative data from newspapers, journals and quantitative data from BSE Website. This will give insight regarding the announced benefits by the management of ONGC and market perception.