Penny stock up 3,900% intra-day

The stock of Mumbai-based Griffin Chemicals shot up by 3,900 per cent on Wednesday in the first hour of trading on the Bombay Stock Exchange (BSE).

The share was being admitted for trading for the first time in five years, after it got de-listed in 2002 for non-compliance issues. On its last trading day in that year, the stock had closed at Rs 1.25 a share.

Griffin Chemicals rose to touch a high of Rs 50 a share, a 3,900 per cent gain, after getting re-listed at Rs 23 a share. Falling from its peak, the stock closed the day at Rs 24, a gain of 1,820 per cent.

It's a third penny stock which witnessed a brazen price rise after KGN and Sylph Technologies made headlines on the first day of their re-listing.

Source : Business Standard

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