What does a stock is “illiquid scrip” mean?
What Is Illiquid?
Illiquid refers to the state of a stock, bond, or other assets that cannot easily and readily be sold or exchanged for cash without a substantial loss in value. Illiquid assets may be hard to sell quickly because there is low trading activity or interest in the issue, indicated by a lack of ready and willing investors or speculators to purchase or sell the asset. As a result, illiquid assets tend to have lower trading volume, wider bid-ask spreads, and greater price volatility.
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It means there is less trading activity in the stock, few sellers and few buyers. Sometimes there will be no buying and selling on a day, even for a few days. So when we have a position in such stocks, it is hard to sell them. Sometimes even if we want to sell for a loss, there will not be buyers, or even if there are buyers they will ask for a lesser price.
There are many such small stocks in the market. Not every such stock is a bad stock, but we have to be careful while buying them.
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While you place stop loss 5 points away and it hits 50 points. And our entire account gets screwed fd deeply. 
Hmmm, In simple words you want to buy 1000 or more quantity. Your buy or sell order won’t be allocated easily in one order. You can see by clicking on market depth during market hours.