Mumbai: Elcid Investments has skyrocketed to become India’s most expensive stock. The smallcap stock, previously trading at a modest ₹3.53, surged to an astounding ₹2,36,250 in a single trading session.
This monumental rise, amounting to a 66,92,535% increase, was driven by a special call auction aimed at price discovery.
Elcid Investments, a non-banking financial company (NBFC) with strong ties to Asian Paints, has now surpassed MRF, which held the title of India’s costliest stock until this historic leap.
The surge was fueled by the company’s high book value and the limited availability of shares, with only 241 shares changing hands during the session.
Market analysts are astounded by this development, noting that such a dramatic increase in stock price is virtually unheard of. The special call auction, a mechanism used to determine the true market value of a stock, played a crucial role in this price discovery process.