Griffin Chemicals on Wednesday(June 11,2008) got re-listed after six years at Rs 23 on the Bombay Stock Exchange, registering an increase of a whopping 1,472 per cent over its previous closing price.
The company's last traded price as on August 8, 2002 stood at Rs 1.25. Scrip of Griffin Chemicals opened on a firm note at Rs 23 registering an increase of a whopping 1,472 per cent over its previous closing price on the BSE and then rallied ahead to witness an intra-day high of Rs 50 and as many as 1,375 shares exchanged hands on the bourse. Shares of the company were last trading at Rs 30 at 10.40 am.
The surge in Griffin shares follows unprecedented rise in stock prices of KGN Industries on its re-listing. KGN Industries, run by Ahmedabad-based Memon family, had re-listed at Rs 100 per share after nearly seven years in May this year. The stock had risen to a high of Rs 55,000.
A BSE official said that re-listing stocks have no price bands.
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