Elcid Investments becomes India's most expensive stock after dramatic price surge
livemint.com — October 30, 2024, 05:01 AM UTC
Elcid Investments' stock price soared from ₹3.53 to ₹2.36 lakh in a single trading session on October 29, making it India's most expensive stock, surpassing MRF. This surge was driven by a special call auction for price discovery. The stock had previously traded between ₹3 and ₹15 since 2011. The recent auction, designed to enhance price discovery for investment holding companies, resulted in a significant price increase, reflecting Elcid's strong book value of ₹4 lakh per share. Elcid holds a 2.83% stake in Asian Paints, valued at around ₹8,500 crore, contributing to its market valuation. The company, registered as a non-banking financial company, has investments worth over ₹12,450 crore, including stakes in unlisted firms.