The 70,000% mirage: How BSE microcaps minting billions while regulators sleep
New Delhi: On Dalal Street, a 20 per cent return in a year is respectable. A 100 per cent return is a multibagger. But a reality-defying phenomenon has taken hold in the obscured corners of the Bombay Stock Exchange where returns are not measured in doubles or triples but in tens of thousands of percentage points.
Data reviewed from November 2023 to October 2025 exposes a staggering list of over 70 companies that have delivered returns exceeding 1000 per cent in just two years. The scale of these moves is so extreme that it suggests a complete breakdown of market surveillance.
While the headline indices grapple with global volatility, obscure entities like Elcid Investments have recorded a variation of over 39 lakh per cent. However, Elcid is merely the tip of a much darker iceberg. Consider RRP Semiconductor Limited which skyrocketed from around 15 rupees to nearly 10,000 rupees, clocking a gain of over 62,000 per cent. Similarly, Omansh Enterprises delivered a massive 27,000 per cent surge, while Kothari Industrial Corporation rallied more than 25,000 per cent.
The most alarming aspect is the complete disconnect from financial reality. A significant number of these top performers, such as Pasupati Fincap and Mahan Industries, show a Price to Earnings ratio of 0.00. These are companies that appear to have little to no operational earnings yet have seen their valuations multiply fourteen times over. On the other end of the spectrum are stocks like Integra Switchgear trading at a PE of nearly 2,300, a valuation that makes the world’s most profitable tech giants look cheap.
This unabated rally raises uncomfortable questions about the role of the BSE. The exchange seems to have allowed these companies to appreciate manifold without any meaningful intervention. There appears to be no fear of the regulator. The standard checks and balances, such as circuit filters and surveillance measures, have seemingly failed to arrest these vertical price movements.
Market observers are baffled as to how SEBI has remained silent.
While the regulator aggressively monitors the futures and options segment for retail risk, a bubble of 70,000 per cent returns has been allowed to inflate in the cash market. This looks less like price discovery and more like a playground for operators to game the system.
If a stock moving from single digits to four or five figures without valid business growth does not trigger a forensic audit, then the regulatory framework is broken. Until SEBI decides to investigate these anomalies, the BSE remains a haven for what looks like one of the quietest yet most brazen wealth transfer schemes in market history.
