Panafic Industrial is into “financing of loans to various corporates and dealing in securities.” On 7 January 2015, Panafic, which was listed on the Delhi Stock Exchange, got listed on the BSE (Bombay Stock Exchange). Soon after listing, the price shot up by a massive 563%, in about four months, to Rs33 on 25 May 2015 from Rs4.98 on 7 January 2015. Since then, the share price of Panafic moved sideways. The price is still up 479% (at Rs28.85 on 4 March 2016) from its listing over a year back. As we often find, the financials are in sharp contrast to the price movement. For the year ended December 2015, this shell company reported revenues of Rs0.97 crore and net profit of Rs0.28 crore. Its revenue was down 24% compared to the same period a year ago. Its price on 4 March 2015 is 244 times the revenue per share and 846 times the earnings per share. As on 31 December 2015, Panafic had just 840 shareholders including the promoters. Though this suspicious price movement didn’t go unnoticed by the Exchange, it did not lead to any strict action or investigation. 
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