This book examines the semi-strong efficiency of Indian Capital Market with respect to Pharmaceutical Industry. The information content of events and its dissemination determine the efficiency of the capital market. In other words, how quickly and correctly the security prices reflect the security- related information, show the efficiency of the capital market. To analyze the event which contains information, one should have adequate knowledge about corporate events like Quarterly Earnings, New Listings, Dividend, Mergers and Acquisitions, Stock Split, Bonus Issue, Buy Back and Rights Issue etc. It may be possible for the institutional investors to take favourable decisions because they have the advantage of Research & Development Wing. The study would enable the individual investors also to take appropriate investment decisions. Further, this study will motivate them to contribute their small savings and surplus towards the investment capital market. These activities may increase the number of participants to actively trade in the capital market and increase the number of securities listed in the capital market.