After hitting the roof on January 8 this year when the Sensex peaked to an all-time high, the penny stocks are now biting the dust.
As many as 488 stocks are now trading below their paid-up values on the Bombay Stock Exchange (BSE). As many as 308 of these stocks had, ironically, touched lifetime highs in the first week of January.
| When the markets hit new highs on January 8, around seven per cent of the stocks were trading below their paid-up value. With the Sensex having corrected by 30 per cent, almost 17 per cent of the actively traded stocks are now quoting below their paid-up values. |
| Most of the penny stocks became multi-baggers during Sensex’s momentous journey despite reporting net losses in the quarter ended December 2007. As many as 214 of the 488 companies announced aggregate net losses of Rs 392 crore in October-December quarter. |
| The aggregate market value of the 488 stocks has declined by 60 per cent from their highs. On the other hand, the combined market value of mid-cap stocks declined 40 per cent and small-cap stocks went down by 47 per cent from their respective highs. |
| Among the stocks trading below their paid-up values, 78 per cent (379) are from the B group, 71 from Z group, 27 from S group and the remaining 11 are from T group. |
| A total of 83 stocks are quoting at one-year lows, including Ginni Filaments, Interface Finance, Svam Software, TN Telecom, Vishnu International and Virat Crane Industries. |
| Chandni Textiles fell by 78 per cent from Rs 26.47 on January 8 to Rs 5.85 on Tuesday. Tripex Overseas declined 74 per cent to Rs 7.05 (Rs 27.45), while Torrent Gujarat Biotech weakened 73 per cent to Rs 7 (Rs 25.70). |
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