This study takes a look at whether mergers and acquisitions (M&A) boost or squander shareholder value in India. To do this, twenty major Indian firms across various sectors like banking, pharma, IT, cars, NBFCs, telecom, and more were chosen due to their notable M&A actions from 2008 to 2022. Researchers gathered stock price info from the National Stock Exchange (NSE) for a period of 30 trading days, both before and after each merger announcement. They followed the standard event study method set forth by Brown and Warner in '85 and MacKinlay in '97. Abnormal returns were figured out as the percentage change in stock prices during that time frame. Then, a one-sample t-test was used to figure out if the mean abnormal return differed statistically from zero, per Andrade et al.'s guidelines in 2001. The results show a t-value of 2.094 with a two-tailed p-value of 0.0499, reaching statistical significance at the 5% level. Out of the twenty firms, fourteen (that's 70%) saw positive shareholder returns right after their announcements. In total, the average abnormal return was a healthy +4.56%.These findings generally match what we see internationally when it comes to the short-term creation of value through M&A deals. This study adds to the existing work by Healy et al. (1992) and Andrade et al. (2001) and shows the same industry-specific patterns seen in India (Tripathi & Lamba, 2015; Rani et al., 2015). It also helps grow the small collection of post-2015 M&A studies in India. Plus, it offers a framework that can be used to measure how shareholder value is affected in emerging markets. The study uses abnormal returns and t-tests in event studies.