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Asia’s Best Performing Stock Surged 8,811% in Three Years

by Santanu Chakraborty and Ameya Karve
February 8, 2017, 5:00 AM GMT+8 Updated on February 8, 2017, 6:30 PM GMT+8

It was an equity-market surge that seemed to defy the laws of probability: an 8,811 percent advance in just three years, topped off with 60 straight days of positive returns before trading was restricted late last month.

The company, a Mumbai-listed trader of recycled paper by the name of Kushal Tradelink Ltd., transformed from an obscure Indian penny stock into one of the nation’s top 300 firms by market capitalization. Its three-year gain was by far the biggest among Asian shares valued at more than $500 million. And yet not even Kushal Chairman Sandeep Agrawal could explain exactly why.

"The stupendous rally in the stock has left everyone bewildered," said Purvesh Shelatkar, senior vice president of institutional sales at Centrum Broking Ltd. in Mumbai, who recommends avoiding the shares.

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