Indian Penny Stocks

[mage lang="" source="flickr"]indian penny stocks[/mage]
How much can a stock fall in a day?

For example,can a stock trading at $10,be wiped out and almost become a penny stock in a day?i have seen stocks rising 100% but falling i am not sure.
Back in India i think we have a 10% regulation,to avoid scams or shortselling i am not sure though,if there are any indian traders please tell me the details about this too.
Oh i think even in India they have caps for the market,not for individuals stocks.
all of them are good answers, i mean they satisfy my question.except for the india part.tough to choose the best answer.
Thank you.
as a true investor let the market decide the best answer

Stocks can theoretically drop 100% (to zero) in a day. It doesn’t happen frequently.

Back in late 2004, SGU dropped about 80% in one day when it gave reasons to suspect its viability.

That is probably the worst 1-day drop I can recall.

It is not unusual, however, for stocks to drop 30-50% in a day. Speculative biotech stocks, with no product in market and which trade on the basis of pipeline only can and do drop like that if they announce bad results in clinical trials (which they do, too frequently).

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