KGN Industries, the name is given as first letters of 3 words, Khwaza Garib Nawaz, is new name for Royal Finance.. Royal Finance, a non-banking Limited company, was delisted from the BSE in 2001 chiefly for poor response from the public.
KGN Industries was relisted on BSE on 21st May 2008. It opened at Rs. 100 (Face Value Rs. 10) and after making a low of Rs. 72 , it hit intraday's high of 55,000 (yes! 55,000) in three hours.
In the company promoter's share holding is 49.05 %. It's a family owned company and is owned by Meman family. Its small office, with few persons as staff, is at C G Road of Ahmedabad, Gujrat.
SEBI suspended trading in the scrip. Managing director of company, Mr Aarif I Memon is out of country. At BSE, KGN Industries is a "Z" group company. Such unreasonable jump in price naturally triggers suspect of price fixing.
On first day of listing, no circuit limit is applied so if anyone wants to play a game, it has to be done on very first day of listing. SEBI sees 2 possibilities. There may be human mistake while typing the price or inside trading. Will you like to see turnover for that scrip then click here
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