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It is not at all easy to put a right bet on any penny stocks because of the high volatility attached to it. That said, those investors who have put their money in Sadhana Nitro Chem shares have accumulated around 33,000 per cent returns in the past eight years as the scrip turned multibagger.

Notably, it rose from Rs 0.4 per share to a whopping Rs 119 during these years.

Founded in 1973, Sadhana Nitro Chem deals in high quality intermediate speciality chemicals.

Stock prices ranging in single digit are known as penny stocks, and they typically have high volatility associated with them.

On the other hand, multibagger stocks are those whose share prices rise exponentially over a short-to-medium term.

The Indian specialty chemicals industry will outpace its Chinese counterpart and double its share of the global market to 6 per cent by 2026 from 3-4 per cent in fiscal 2021, CRISIL had said recently.

A resurgence in demand has spurred specialty makers to ramp up their capacity expansion plans.The rise in demand for specialty chemicals may have attracted investors towards Sadhana Nitro Chem.

On Tuesday, the shares of the company, however,were at 5 per cent lower circuit at Rs 119.

Some of the other company's shares which accumulated multifold returns are SEL Manufacturing Company, Tanla Platforms, Apollo Finvest (India), Equipe Social Impact Technologies, Dynacon Systems & Solutions, Raghuveer Synthetics, Rajratan Global Wire, Vidhi Specialty Food Ingredients, Sanmit Infra, Sejal Glass, Cosmo Ferrites and Balaji Amines, among others.