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New Delhi: In a historic move on Dalal Street, Elcid Investments, a little-known smallcap stock, saw its share price skyrocket from just Rs 3.53 to Rs 2,36,250 in a single day—a mind-boggling jump of 66,92,535 per cent. This extraordinary rise makes Elcid Investments the highest-priced stock in India, surpassing MRF, which previously held the record with a share price of Rs 1.2 lakh.
Such a sharp surge is unprecedented in Indian stock market history and has drawn comparisons to the crypto boom of 2021, where several digital currencies saw rapid, unexpected gains. However, the case of Elcid Investments is not driven by investor frenzy but is the result of a special call auction conducted by the BSE and NSE to determine fair prices for certain investment holding companies.
Why Did Elcid's Share Price Skyrocket?
The sudden spike came after Elcid Investments was relisted on the BSE on October 29, 2024. Following the auction, its market capitalization now stands at Rs 4,725 crore. Elcid was one of several companies, including Nalwa Sons Investments, TVS Holdings, Kalyani Investment Company, SIL Investments, and Maharashtra Scooters, that underwent relisting through a special call auction mechanism for price discovery.
This auction was part of a BSE initiative, outlined in a circular dated October 21, 2024, to uncover the true market value of certain investment holding firms. Elcid’s promoters had previously tried to delist the company with a voluntary buyout offer at Rs 1,61,023 per share, but the plan failed as it did not secure approval from the required majority of public shareholders.
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What Makes Elcid Investments So Valuable?
A key reason behind Elcid Investments’ high valuation is its stake in Asian Paints Limited, one of India’s largest paint manufacturers. Elcid holds 2,83,13,860 shares, equivalent to 2.95 per cent ownership in Asian Paints, which is valued at approximately Rs 8,500 crore.
MRF Stock Price
Meanwhile, MRF, which has long been one of the most expensive stocks in India, closed at Rs 1,22,576.50 on October 30, 2024, down by Rs 478.55 or 0.39 per cent after the trading session.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
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