From ₹3 to ₹2.36 Lakh in One Day: Elcid Investments Sets New Record as India’s Priciest Stock
From ₹3 to ₹2.36 Lakh in One Day: Elcid Investments Sets New Record as India’s Priciest Stock
After a monumental 70,273x surge, Elcid Investments eclipses MRF to become the most expensive stock on Dalal Street.
Elcid Investments has stunned investors with a jaw-dropping leap from ₹3.53 to ₹2.36 lakh in a single trading session on October 29. The stock, which had historically traded between ₹3 and ₹15, shattered expectations with a special call auction conducted by stock exchanges. This auction, aimed at price discovery for investment holding companies, allowed Elcid to reach this astronomical value and set a new high in the Indian stock market, surpassing MRF’s long-standing record as India’s most expensive stock.
For retail investors, Elcid’s meteoric rise is nothing short of a fairytale. An investor holding 10,000 shares would see their initial ₹35,300 balloon into ₹250 crore after this historic session. The catalyst for Elcid’s revaluation was not earnings or a sudden business breakthrough; instead, it was a response to a regulatory-driven price discovery process introduced by SEBI. The mechanism intends to close the gap between book value and market price for investment holding companies like Elcid. Remarkably, Elcid’s book value per share stands at ₹4 lakh, underscoring its market undervaluation until now.
The Mumbai-based non-banking financial company (NBFC) has a portfolio valued at over ₹12,450 crore, according to its latest report. It notably holds a 2.83% stake in Asian Paints, worth approximately ₹8,500 crore, significantly contributing to Elcid’s market valuation. Furthermore, Elcid’s portfolio includes stakes in other listed and unlisted companies, making it a lucrative player among investment holding companies.
Following the auction, Elcid hit a 5% upper circuit, with its shares locked at ₹2,48,062.50 on the BSE in intra-day trading on Thursday. Since this regulatory move, the stock has achieved a 7.03 million per cent increase, securing its spot as a multibagger and attracting new investor interest. Only 30 stocks in India, excluding Elcid, trade above ₹10,000, and the current record on a global scale remains held by Berkshire Hathaway, valued at $682,920 per share (about ₹5.6 crore).
Elcid’s story serves as a striking reminder of the latent potential within India’s investment holding companies and the opportunities available through effective market mechanisms for price discovery.
Disclaimer: Investors, should proceed with caution and consult certified experts before making investment decisions.
