Elcid Investments Becomes India’s Priciest Stock with Unprecedented 66,92,535% Surge, Click to Know HowElcid Investments Becomes India’s Priciest Stock with Unprecedented 66,92,535% Surge, Click to Know How

Imagine logging into your trading app to find a long-forgotten stock soaring to extraordinary heights. This real-life story is about Elcid Investments, a smallcap NBFC whose stock skyrocketed from Rs 3.53 to an astounding Rs 2,36,250 per share, outshining seasoned stocks and stunning investors. This surge has pushed Elcid past MRF, making it India’s highest-priced stock.

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Until now, Elcid Investments was little-known, trading just once in 2024, with 500 shares sold at Rs 3.53 on June 21. This week, however, 241 shares exchanged hands at the newfound high, marking an unprecedented 66,92,535% rise.

Based in Mumbai, Elcid holds strong ties to Asian Paints, with Asian Paints’ promoters owning 75% of the company. Elcid’s market cap stands at Rs 4,725 crore, 80% of which is linked to its 1.28% stake in Asian Paints, valued at around Rs 3,600 crore. Despite its high value, it has been trading at a low price-to-book multiple.

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Elcid’s long-term low share price stemmed from limited trading volumes, as most shareholders held onto shares, given the stock’s book value of Rs 5,85,225.

The historic price rise followed Sebi’s special price discovery session for undervalued holding companies, facilitating fair value revelation, which propelled Elcid to record-breaking gains.