In yet another instance of a penny stock shooting to unusual levels, the share price of Mumbai-based Ganesh Benzoplast rose 1,017 per cent on the Bombay Stock Exchange (BSE) in the first hour of the trading session today.
The share was admitted for trading for the first time in nearly two years, after it got de-listed in 2007 over non-compliance issues. The company, which was last traded at Rs 1.70 on December 24, 2007, rose to a high of Rs 19 after it was re-listed at Rs 11 today. Falling from its peak, the share, however, closed the day at Rs 15.54 with a gain of 808.24 per cent. The counter generated a volume of over 1.62 million shares on BSE.
A one-time punters’ favourite, Ganesh Benzoplast had come under heavy financial losses since 2001, after its salt manufacturing facility in Gujarat suffered damages during the earthquake of 2001.
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