For a share to be a multi-bagger , at some stage it has to get recognition of institutional / HNIs in first place followed by other large parties. The retailers are always the last to join the party. Not enough liquidity in the stock and therefore to avoid a steep increase in acquistion price could be a big reason for exchange with promoters.
I could be wrong in my view here as there are multiple cases of otherwise in small caps.
Disc : Invested.
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