The Bombay Stock Exchange has restricted the share price gain to five per cent in Ahmedabad based KGN Industries shares, which created history by soaring a whopping 76,000 per cent on Wednesday.
The scrip surged five per cent on the BSE on Thursday touching its upper circuit limit in the morning trade and was trading at Rs 5,394, up 3.41 per cent in the afternoon trade.
The trading in scrip on Thursday opened at Rs 5,216.3, a price arrived as per the existing methodology by the exchange.
On Wednesday, the BSE had suspended trading in the scrip at 1220 hrs as it had soared to a high of Rs 55,000 from just Rs 72 at its open in the morning. The scrip had relisted on the exchange yesterday after a break of seven years.
At present, KGN Industries has a market cap of around Rs 12,187 crore.
In a circular on May 20, the exchange had said that KGN Industries would relist on the exchange and had cautioned trading members not to enter orders at unrealistic prices.
The daily circuit filter in the equity shares of the company had been kept open on May 21, in order to enable the members to deal in the scrip at a realistic price level.
However, during the early hours of trading yesterday it was discovered that orders were being placed at an unrealistic price.
In order not to distort the price discovery process, as few orders were being placed at unrealistic prices, the trading of the scrip was suspended at 1220 hrs as a proactive surveillance measure.