The debt-defaulting listed companies being bought by deep pocketed groups under the Insolvency and Bankruptcy Code (IBC) should be a complete no-no for retail investors or any set of investors. Share of Jaypee Infra, or the like, may be available at less than Rs 2 with a chance of the company being bought over by the NBCC or the Adanis; but that does not mean the inherent valuation of the new owners, if the deal gets finalised at all, would get transferred to the shareholders of Jaypee Infra. It is more likely that you may lose your entire capital, which you want to invest in these penny stocks, disbelieving they carry low risk just because they are available at Rs 2 or 6, or 8 a piece. In fact, these carry the highest risk.