Other money spoilers include Samtex Fashions, Gujarat Investa, Starlite Components, Indian Infotech & Software, Suryachakra Power Corporation, which dropped more than 50 per cent. Superior Finlease (down 65 per cent), Indosolar (down 64 per cent), Usha Martin Education (down 61 per cent), Ballarpur Industries (down 60 per cent) and Satra Properties (down 60 per cent) were leading wealth destroyers. Seventeen such stocks have dropped more than 45 per cent since the beginning of 2022, with five of them eroding 60-65 per cent of investors' wealth. However, not all penny stocks have rewarded investors.
One should utilize this decline to invest in quality counters," he advised. "If an investor is stuck in such 'cheap' stocks during the corrective phase, it's prudent to exit them and look for better opportunities. Such stories only attract attention, but actually lack fundamental strength.Īs a word of caution, Ajit Mishra, VP- Research, Religare Broking said that irrespective of market conditions, investors should prefer companies with strong fundamentals.
Market experts have often warned investors that expecting such astronomical returns from all penny stocks would be a mistake. Some typical characteristics of these stocks tend to be low promoter holding, huge debt, accumulated losses and poor dividend track record. In this study, companies with a market cap of less than Rs 1,000 crore at the end of 2021 have been considered. However, stocks in single digits or below Rs 10 are bracketed in this club. Penny stocks have no defined theoretical definition. IL&FS Engineering and Construction, Regency Trust, Macro International, Madhusudan Securities and Luharuka Media & Infra are among the remaining penny stocks that turned multibaggers during the said period. Swiss Military Consumer, Corporate Courier & Cargo, Triveni Glass, Tranway Tech, Innovative Ideals & Services, Nikki Global Finance and Biogen Pharmachem Industries have gained more than 120 per cent this year so far. Kiran Syntex, Hemang Resources, MPS Infotecnics and Elegant Floriculture & Agrotech (India) are some of the other stocks which delivered between 270-370 per cent returns to investors. They are followed by IT player BLS Infotech and textile firm Khoobsurat, which have gained 646 per cent and 586 per cent, respectively during the period under review.
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