• The impact of COVID-19 on emerging stock markets is examined. • The negative impact has gradually fallen and begun to taper off by mid-April. • The highest impact is in Asian and the lowest in European emerging markets. • Response time and the size of stimulus package matter. The goal of this study is to investigate the impact of COVID-19 on emerging stock markets over the period March 10 – April 30, 2020. Findings reveal that the negative impact of pandemic on emerging stock markets has gradually fallen and begun to taper off by mid-April. In terms of regional classification, the impact of the outbreak has been the highest in Asian emerging markets whereas emerging markets in Europe have experienced the lowest. We also find that official response time and the size of stimulus package provided by the governments matter in offsetting the effects of the pandemic.