Remember Elcid Investments? The penny stock that shocked all to become the most expensive stock in the Indian bourses overnight. The 52-week market high price was achieved on November 8 when it was valued at Rs 3,32,399.94. The current correction has dragged the stock down to Rs 2,69,172 at the close of trade on November 14. In percentage terms the price of the share dropped 19.02%.
The real surprise lies in the fact that the erosion in price in less than a week Rs 63,227.24 was higher than the price of any stock in the Indian market except MRF. No wonder such high drama surrounded the correction of Elcid Investments.
Elcid Investments shot into fame amid high drama
It is indeed a rare sight to see the 52-week high and the 52-week low price of a share written side by side as Rs 3.53 and Rs 3,32,399.94. But Elcid Investments has made it possible. On October 29, 2024, a completely unknown penny stock created history. From a price of Rs 3.53, it shot up to Rs to 2.36 lakh in a single day following revaluation of its portfolio. The company was set up in 1981 as an NBFC (non-banking finance company).
Which company is Elcid invested in
Though the stock of Elcid Investments was always confined between Rs 3 and Rs 15, its price rocketed due to the book value of Rs 4 lakh per share after the exchange authorities went for a price discovery process for some investment holding companies with the help of a special call auction mechanism on October 29.
Any investment company’s value typically depends on the value of the investments in stocks, mutual funds and debt instruments. Elcid holds about 2.83% in Asian Paints, which was valued at about in end-October, which was substantially responsible for its sky-high valuation.
Most expensive stocks in India
MRF, which, for a long time, was India’s most expensive stock is now priced at Rs 1,20,601. A few other expensive stocks are Honeywell Automation India: Rs 41,812; 3M India: Rs 32,523.30; Page Industries: Rs 45,296.60; Abbott India: Rs 27,454.50; Procter & Gamble Hygiene & Health Care: Rs 15,688; Bosch Ltd: Rs 33,862.10; Shree Cement: Rs 23,939.55. Therefore, even after the great fall no share comes close to the price of Elcid Investments.
