Stocks under ₹20: shares below 20 rupees on NSE and BSE

The rule is a single cut-off: the latest closing price is ₹20 or less. The price is the exchange close, so the list changes only when a new close is recorded.

The list is sorted by market cap, which is the share price multiplied by the number of shares outstanding. The sort puts the largest businesses on the list first.

A share price is not a measure of value. It is the company's equity divided into however many shares exist, so two companies of the same size can trade at ₹15 and ₹1,500. A company under ₹20 can have a market cap of several thousand crore, and one at ₹2,000 can have a very small one.

P/E and ROCE sit beside the price to set profit against value and against capital. P/E is market cap divided by the last twelve months' profit that belongs to the company's own shareholders. ROCE (return on capital employed) is operating profit after depreciation, leaving out other income and one-off items, divided by net worth plus borrowings.

Low-priced shares are often called penny stocks. The ₹20 line here is this page's own cut-off.

Such lists mix very different companies: large businesses that happen to have many shares, companies with little trading, and companies with losses or heavy debt.

The one-day and one-year changes are adjusted for splits and bonus issues, so a split that cuts the price does not appear as a fall. Dividends are not added to the change.

A share enters this list when its price falls to ₹20 or below, and leaves when it closes above. A share split can also move a company onto the list with no change in its market cap.