Corporate boards are at the centre of policy debate concerning governance reform and financial reporting. Without developing an effective communication to stakeholders through financial statements, it could be difficult to develop an organisational culture satisfying the needs and expectation of the stakeholders (Moneva et al., 2007). In this article, we have evaluated the impact of the interim financial reports published by Nifty 50 companies of quarter 3 (December 2025) for the financial year 2025-26 and the shareholder decisions based on the reports through their price movements.