Several micro-cap equities on Indian exchanges have soared up to 215% over the past three months, drawing heavy retail interest despite weak fundamentals. Market data show concentrated flows in small-liquidity counters, fueled by momentum trading and festival-season optimism. Analysts cautioned that many of these firms lack consistent earnings or disclosure transparency, raising volatility risk. Regulators are reportedly monitoring unusual price spikes for compliance breaches. Brokerages advised investors to exercise caution, noting that while speculative bursts can offer quick upside, sustainability remains limited without operating performance support.