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Medical infrastructure was unaffordable and unsupportive which created high distress in the Indian society, especially for poor. At this juncture, some pharmaceutical firms made a unique social investment when they reduced price of drugs used to treat COVID-19 patients. This study aims to examine how the market and the society respond to the price reduction announcement during the psychological distress of COVID-19.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>Market reactions have been analyzed by conducting an event study on stock market data and visual analytics-based sentiment analysis on Twitter data.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>Overall, this study finds positive abnormal returns on the day and around the day of event. Interestingly, this study finds that returns during the time of high distress are significantly higher. Sentiment analysis conveys that net sentiment is favorable to the pharmaceutical firms around the day of event and it sustains more during the time of high distress.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>This study is unique in contributing to the business and industrial management literature by highlighting market reactions to social responsibility of business during the time of psychological distress in emerging economies.<\/jats:p><\/jats:sec>","DOI":"10.1108\/imds-03-2023-0142","type":"journal-article","created":{"date-parts":[[2023,10,25]],"date-time":"2023-10-25T03:12:54Z","timestamp":1698203574000},"page":"140-181","source":"Crossref","is-referenced-by-count":1,"title":["Market reactions to drugs price reduction during COVID-19 distress in an emerging economy: value creation through CSR"],"prefix":"10.1108","volume":"124","author":[{"given":"Gopal","family":"Kumar","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0001-7374-2396","authenticated-orcid":false,"given":"Felix T.S.","family":"Chan","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1071-6390","authenticated-orcid":false,"given":"Mohit","family":"Goswami","sequence":"additional","affiliation":[]}],"member":"140","published-online":{"date-parts":[[2023,10,26]]},"reference":[{"issue":"11","key":"key2023122714451887600_ref001","doi-asserted-by":"publisher","first-page":"6235","DOI":"10.3390\/su13116235","article-title":"Effects of internal CSR activities on social performance: the employee perspective","volume":"13","year":"2021","journal-title":"Sustainability"},{"key":"key2023122714451887600_ref002","doi-asserted-by":"publisher","DOI":"10.1016\/j.eswa.2023.120903","article-title":"An improved DenseNet model for prediction of stock market using stock technical indicators","volume":"232","year":"2023","journal-title":"Expert Systems with Applications"},{"issue":"2","key":"key2023122714451887600_ref003","doi-asserted-by":"publisher","first-page":"399","DOI":"10.1111\/1467-8551.12402","article-title":"The importance of corporate social responsibility strategic fit and times of economic hardship","volume":"32","year":"2021","journal-title":"British Journal of Management"},{"key":"key2023122714451887600_ref004","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2022.102686","article-title":"Corporate social responsibility budgeting and spending during COVID\u201319 in Oman: a humanitarian response to the pandemic","volume":"47","year":"2022","journal-title":"Finance Research Letters"},{"key":"key2023122714451887600_ref005","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2020.101876","article-title":"Does CSR matter in times of crisis? 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