October 30, 2024
New Delhi, India
Elcid Investments
Elcid Investments Ltd, once a penny stock valued at ₹3.21 in July 2024, made a historic leap to close at ₹2,36,250 per share, an astronomical increase of 66,92,535%. This new price outpaced MRF Ltd., previously India’s highest-priced stock, which closed at ₹1,22,576.50 on October 29, 2024, after a slight decline of 0.39%.
Relisting and Market Capitalization
Elcid Investments saw this surge following its relisting on the BSE on October 29, 2024, with a market capitalization of ₹4,725 crore. The stock’s price discovery was conducted through a special call auction mechanism after a voluntary delisting offer by its promoters at a base price of ₹1,61,023 per share, which was unsuccessful due to insufficient shareholder consent.
Key Shareholding and Value
A crucial factor in Elcid’s value lies in its 2.95% stake in Asian Paints Ltd., amounting to 2,83,13,860 equity shares valued at ₹8,500 crore. This substantial holding in a blue-chip company contributes to its high market valuation.
Historic Price Jump
This remarkable price surge has set a new benchmark in the Indian stock market, reminiscent of past instances of rapid asset price increases, such as the 2021 cryptocurrency boom.
Latest Q2 Results
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