Shares of Elitecon International soared 11 per cent during the intraday trade on Monday despite a massive sell-off in the domestic stock market due to selling in blue-chip stocks and concerns around tension in the Middle East.
Amid this, the small-cap FMCG stock started the session in green at Rs 18.30 and escalated further to touch an intraday high of Rs 19.85, up Rs 1.98 or 11.08 per cent from the last closing price.
However, the stock witnessed profit-booking and fell, erasing early gains. Today’s rally in the stock market was driven by an announcement made by the company.