Elcid Investments, now India’s most expensive stock, has seen a remarkable surge. It gained nearly 20% in just four days to reach an all-time high of Rs 2,73,488.85 on the Bombay Stock Exchange (BSE). This rise occurred even as the broader market experienced a downturn, with Elcid’s shares locked in at the 5% upper circuit limit.
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On October 29, Elcid’s share price skyrocketed an astonishing 66,92,535%, climbing from Rs 3.53 to an incredible Rs 2,36,250. This sharp increase has positioned Elcid ahead of MRF, trading at Rs 1,22,471.15 around 11:30 am on Monday.
The surge followed a special call auction session on the BSE, designed to determine the fair prices of holding companies. During this session, Elcid shares were initially valued at Rs 2.25 lakh, yet this price remains significantly below the company’s robust book value of Rs 5,85,225.
Previously, MRF was the only stock in India with a price exceeding Rs 1 lakh per share. The Securities and Exchange Board of India (SEBI) mandated that stock exchanges conduct special auction sessions to address the disparity between market values and book values of holding companies.
Many investment and holding companies have traded at much lower prices than their book values, resulting in limited trading volumes. The recent auction session facilitated a fair value discovery for Elcid, leading to an unprecedented single-day gain of 6.7 million percent.
