The share was being admitted for trading for the first time in five years, after it got de-listed in 2002 for non-compliance issues. On its last trading day in that year, the stock had closed at Rs 1.25 a share.
Griffin Chemicals rose to touch a high of Rs 50 a share, a 3,900 per cent gain, after getting re-listed at Rs 23 a share. Falling from its peak, the stock closed the day at Rs 24, a gain of 1,820 per cent.
It's a third penny stock which witnessed a brazen price rise after KGN and Sylph Technologies made headlines on the first day of their re-listing.
The Securities and Exchange Board of India (Sebi) is yet to announce the action taken against the manipulators in the two earlier cases in which both had advanced by nearly 1 lakh per cent in a day.
BSE had come under severe criticism from market experts after it allowed KGN to trade on the bourse even after announcing that the stock was under investigation.
Later, in a much delayed response, the exchange also issued a public notice asking investors to stay away from illiquid counters. Ironically, the BSE allows the listing of penny stocks.
