The study looked at how different economic and market conditions affect the value of stocks in the Indian stock market. They used data from 1999 to 2017 and found that value stocks consistently outperformed growth stocks, even during times of crisis and recession. This means that investing in value stocks can lead to higher returns, regardless of whether the market is doing well or poorly. The research is the first of its kind in India and provides valuable insights for investors and asset pricing strategies.