The study looked at how stock prices react to quarterly earnings announcements in the Indian stock market to see if the market is efficient. They used different models to analyze the abnormal performance of sample companies during these announcements. The researchers found that stock market prices reflect all publicly available information, meaning trading on this information may not lead to abnormal profits. Previous studies also showed that the market reacts efficiently to information related to earnings, indicating that investors may not be able to outperform the market based on this information.