India’s Most Expensive Stock: Can I Buy Elcid Investment Shares?

The shares of Elcid Investments, now India’s most expensive stock, have surged nearly 20% in just four days, reaching a new all-time high of ₹2,73,488.85 on the Bombay Stock Exchange (BSE). This remarkable rally occurred despite a market downturn on Monday, during which Elcid’s shares remained locked in a 5% upper circuit.

On October 29, the stock price skyrocketed by an astonishing 66,92,535%, climbing from ₹3.53 to ₹2,36,250. The surge followed a special call auction session on the BSE, aimed at establishing fair prices for holding companies. During this session, Elcid Investment shares were valued at ₹2.25 lakh, still well below the company’s significant book value of ₹5,85,225. Previously, MRF was the only stock in India to exceed ₹1 lakh per share.

To address the gap between market values and book values, the Securities and Exchange Board of India (SEBI) directed stock exchanges to conduct special auction sessions for companies trading at substantial discounts on their book value. Many listed investment and holding companies had traded infrequently at these lower prices, and Elcid’s shares had seen limited trading volume.

The auction session resulted in unprecedented fair value discovery for Elcid, culminating in a remarkable single-day gain of 6.7 million.

About Elcid Investment Limited

Elcid Investments is a non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI) under the category of Investment Company.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.