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The purpose of the study is to investigate the herding behaviour in the Indian stock market during the Russia-Ukraine crisis. The secondary data has been gathered from Prowess I.Q. The study used the CSAD model and employed Quantile regression analysis for the study. The empirical results revealed a lack of herding behaviour during three sample periods, indicating that the investor's behaviour is rational. The study also showed that herding existed during the down-market trend of the Whole period while there is no evidence that herding behaviour existed during the up-market trend. In addition, herding behaviour exists in the medium and low market liquidity and has not existed in the high liquidity market during the whole period. However, the tension period exhibited that herding exists in low market liquidity and also herding behaviour has been shown in high and low market liquidity for the crisis period.
Singh et al. (Sat,) studied this question.