<![CDATA[ The announcement of the government's capital injection into Himbara Banks in September 2025 sparked debate regarding the effectiveness of the policy in enhancing investor confidence and maintaining the stability of the banking sector. This policy was viewed as a form of government support to strengthen bank capitalization; however, it could also create perceptions of pressure on banking conditions. This situation was reflected in stock price movements, which indicated varying market responses following the policy announcement. This study is based on Signaling Theory and the concept of Market Efficiency, which explain that public information containing economic value can influence investor behavior and be reflected in stock price changes. The study aims to analyze and provide empirical evidence of differences in Himbara Banks' stock prices before and after the announcement of the government capital injection, as well as to identify the capital market's response to the policy. The research employed a quantitative method using a comparative and event study approach. The data consisted of the closing stock prices of PT Bank Mandiri, PT Bank Rakyat Indonesia, PT Bank Negara Indonesia, and PT Bank Tabungan Negara for 15 days before and 15 days after the policy announcement. Data analysis was conducted using descriptive statistics, the Kolmogorov–Smirnov normality test, and the Wilcoxon Signed Rank Test. The findings revealed that the average stock price of Himbara Banks declined from 3,584.58 before the announcement to 3,493.41 afterward. The Wilcoxon test produced an Asymp. Sig. (2-tailed) value of 0.001 (<0.05), indicating a significant difference in stock prices before and after the announcement. These findings suggest that the market responded rather negatively to the policy. Therefore, both the government and banking institutions need to improve information transparency to reduce market uncertainty and maintain investor confidence.]]>
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