Despite weakness in markets for the last 3 trade sessions, AK Spintex’s share price has hit 5% upper circuit on the previous 3 sessions whereas it has opened with an upside gap of over 4% today. In fact, the textile stock has emerged as one of the few multi-bagger stocks in 2022 as it has surged from ₹27.95 (close price on 31st December 2021 on BSE) to ₹80.90 (today’s high at BSE), logging around 190 percent rise in just 14 trade sessions of the New Year 2022. When asked about the reason for such a sharp rise in the counter, the company replied to BSE that the rise in counter is complete ‘market-driven.’
“We hereby further submit that we are not aware of the reason for significant movement in the price of our shares. The movement in the share price is purely market-driven and maybe a combination of various factors including market conditions. We would like to reiterate that the Company has always and will continue to adhere to the compliance required under the Listing Regulations and other applicable laws,” AK Spintex replied to BSE.
The BSE listed multi-bagger stock had a closing of ₹27.95 per share on 31st December 2021 whereas AK Spintex share price today opened with over 4 percent upside gap hitting intraday high of ₹80.90 apiece levels. So, in just 14 trade sessions in 2022, this BSE-listed textile stock has delivered a multi-bagger 190 percent return to its shareholders.
The multi-bagger stock has remained sideways for nearly one year but has given sharp upside moves in the last month giving a stellar return to its shareholders. In the last month, AK Spintex’s share price has shot up from ₹21.55 to ₹80.90 apiece levels, lugging around a 260 percent rise in this period.