Deterioration in the fundamentals of firms due to scandals or disasters causes declines in their stock prices. We empirically know that stock prices rebound after they largely fall. In this paper, this trend is called the reversal phenomenon. There has been some preceding research on this issue; however, little has been explained about market mechanisms such as the market pricing mechanism responsible for the reversal in large declines in stock prices. We reproduced the reversal phenomenon in an artificial market with a degree of variation in expected prices, and not with the overreaction hypothesis, and found that a call market, which is a non-continuous double auction, imposes a condition where the market becomes non-efficient.