The hospitality industry contributed about 6.23% to the GDP of a country and 8.78% of employment in the country. This sector has seen strong growth in recent years due to the massive inflow of foreign travellers, and the movement of national travellers has also increased. Now, World stock markets are declining as investors become more concerned about the economic outcome of the COVID-19 epidemic. Hotels, travel & tourism, and airlines have also experienced enormous losses. This study investigates the impact of hospitality stock returns during the Covid-19 epidemic period i.e., hospitality sectors, on stock index return (Nifty 50) during the pandemic period. The weekly rate of hospitality stock index return (Nifty50) was considered for the study. A dummy variable was used to measure the effectiveness of the hospitality stock returns during March/May 2020. The study period was restricted from 25th March 2020 to 31st May 2020. The data were analysed through GARCH Model and validated results with Residual Diagnostics. Finally, this study reveals a significant impact on hospitality stock returns through the covid-19 pandemic period.