This is a penny stock and is highly risky - this is no secret and everyone buying it is just a punter or trying his/her luck. However, the company and its assets including mines have value - but its not a safe investment but a highly speculative bet - which means you need to be prepared to absorb very high risks or be prepared to lose your capital.
Invest only what you can afford to lose - (say you can afford to risk Rs.1000 then expose only that much).
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It is a loss making company.Some brokers --- in the past -- floted a rumour that Mr.Mittal is going to take it over.When innocent investors like u ,purchased the shares to make a killing,the prices rose to Rs.16.Those broker conveniently,unloaded their shares.Now they carry no value.It is purely speculative.Better book loss n buy better share.