Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Why Such a huge relisting in KGN & Sylph Technologies?

1 min read

A day after shares of KGN Industries soared by 76,000 per cent on re-listing, stocks of Indore-based finance company Sylph Technolgies that reentered the Bombay Stock Exchange on Thursday zoomed 99,900 per cent to hit an intra-day high of Rs 800. Shares of Sylph Technologies got re-listed at Rs 152 and closed at Rs 200, up by Rs 199.The volume was very low on both the scrips (KGN and Sylph) and it was easy for anyone with ample money to rig their prices. These two stocks not even witnessed any kind of fundamentals and then what make the stock to soar this amount of high?
 

KGN relisted on May 21 after it was suspended from trading in 2001(nearly suspended for 5 Years). Following the move in the share price of KGN, the BSE that had suspended the scrip from trading 12.20 PM on Wednesday later came out with a release fixing the closing price of the scrip at Rs 5,216.It was suspended after the stock price shot up to Rs 55,000. It had a low volume of less than 1,000 shares.However, no such measures were taken in the case of Sylph Technologies as the trading was not suspended in the scrip.

Investors who bought shares of Sylph Technologies that zoomed 99,900 per cent in intra-day trade on Thursday found themselves trapped on Friday. They were unable to sell the stock on Friday as no single trade took place in Sylph Technologies counter.

This is purely illogical." Meanwhile, shares of KGN Industries that hit an intra-day high of Rs 55,000 from a previous closing price of Rs 100 ended Friday lower by 5 per cent at Rs 4,863.

Memebers are requested not to get trapped in such fake scripts.

 
 
 
 

 

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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