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Elcid Investments Limited continued its extraordinary rally on Monday, rising 5 per cent to hit ₹2,73,488.85, further cementing its position as India’s most expensive stock. The surge comes after the company’s shares skyrocketed from ₹3.53 to ₹2,36,250 on October 29, following a special call auction conducted by BSE.
The dramatic price movement was triggered by BSE’s implementation of SEBI’s new framework for price discovery of listed investment companies through a special call auction mechanism. The company confirmed this in a regulatory filing, stating the price behavior was “purely due to market conditions.”
The stock’s meteoric rise has pushed it well above MRF Ltd, the previous holder of India’s most expensive share title. As of 1.19 PM on November 4, MRF shares were trading at ₹1,21,252.95, down 1.68 per cent.
The October 29 trading session saw Elcid Investments record a modest volume of 241 shares, but the price jump represented an unprecedented single-day gain of 66,92,535 per cent. The company has maintained that it has not withheld any material information that could have influenced the stock’s price movement.
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