In the mid 90s, there were initial public offering (IPO) to the tune of almost 40-50 every month. Scores of these IPOs gathered money and many of the shares are not traded any longer.
Over exuberance to buy shares, especially the ones with poor fundamentals has left investors stuck in stocks that are not traded at all.
How do you sell shares that are not traded anymore?
The answer is simple; You may end up holding the shares until you find a buyer through the stock exchange route. This means you wait someday for volumes to emerge or the shares getting listed back to trade again.
The other alternative is to enter into an off market transaction with another party willing to buy the shares outside of the stock markets.
That may also be a difficult proposition since nobody would want to buy a share that is not listed any longer. You may also write to the company asking them why the shares of the company are not listed or traded any longer.
If there is a listing agreement that has been violated you need to understand whether there is no trading because it is a temporary phenomenon.
If it is more of a permanent situation then you could well be stuck with the shares. After all, the very basis on which you buy shares is the basic principal of risk. Also, if in greed you have bought a share without examining its fundamentals, you are bound to be stuck.
Analysts therefore always advise to buy from A or B group shares which generally have better fundamentals.