Vodafone Idea, Suzlon to Reliance Power: These 10 multibagger penny stocks give up to 250% return in 2023

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Multibagger penny stocks 2023: Investing in penny stocks is risky but if you chose using your wit and grit properly, you can achieve massive return in quick time. However, it is also important to acknowledge that most of the penny stocks are low float in nature and they can swing either side on a single trigger. But, still a good number of stock market investors with high-risk appetite invest in penny stocks expecting whopping gains in small time.

Here we list out some well known penny stocks that have delivered massive multibagger returns in 2023: 1] Vodafone Idea: Share price of this penny stock has risen from around ₹8 to ₹16, delivering 100 per cent return to its positional investors in 2023. This multibagger penny stock bottomned out at ₹5.80 apiece levels on NSE at the end of March 2023 and gave sharp upside movement in current financial year. In FY24, Vodafone Idea shares have risen from ₹5.80 to ₹16 apiece levels, delivering to the tune of 175 per cent in the financial year 2023-24.

Also Read: 'Gold price may touch ₹72,000 per 10 gm in 2024' 2] Reliance Power: Shares of this Anil Ambani-backed company remained under sell off pressure after ushering in 2023. However, it bottomed out at ₹9.15 apiece levels on NSE at the end of March 2023. In FY24, Reliance Power shares gave sharp upside movement and ended at ₹23.30 apiece levels on last trade session of the year.

so, this stock is one of the multibagger penny stocks that Indian stock market has delivered in FY24. This Anil Ambani-backed penny stock has delivered over 150 per cent return in FY 2023-24. However, due to selling pressure in first three months of 2023, net return of the penny stock falls around 60 per cent in YTD time.