This trend is akin to the frenzy witnessed during the dotcom boom of 2000, which saw many dud companies in the sector rally to abnormally high levels on speculative activity.
Shares of Proseed India, a Hyderabad-based agri-biotech company, were relisted on May 20, 2021 on the bourses at Rs 1.40 per share. They had surged to Rs 18.33 as of Friday. Such has been the demand for the stock that in the last 51 sessions that it traded, it has hit the upper circuit limit every day!