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The main objective of the study is to analyze the impact of quarterly earnings announcements on share prices. The study focuses on 100 quarters of earnings announcements of selected 5 companies for 5 years taken from the BSE websites of India. Data is collected for 5 companies of oil and gas sector which are listed on BSE. Paired t-test is being employed to study the impact of quarterly earnings announcements. The findings indicate that earnings announcements have a positive effect on share prices in 33 quarters out of 100 quarters, which implies that after the earnings announcements, there is an increase in share prices. There is a negative effect of earnings announcements on share prices in 42 quarters which suggest that after the earnings announcements share prices go down. The remaining 25 quarters show no effect of earnings announcements there is no change in share prices after earnings announcements. The study conclude that quarterly earnings announcements have mixed results on the selected company's share prices. It means that not only earnings announcements but other factors like changes in company leadership, dividend announcements, industry trends, company performance, market sentiment, mergers and acquisitions, bonus shares, geopolitical movements, natural disasters, and economic factors are also influence the share prices.