Elcid Investments, India's costliest stock went from ₹3 to ₹2,36,250: Here's how

Elcid Investments Ltd started out as a penny stock worth ₹3.21, but hit ₹2,25,000 in fair value and rose another 5% to close at ₹2,36,250

Updated on: Oct 30, 2024, 09:46:55 IST

By HT News Desk

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Elcid Investments Ltd initially started out as a penny stock worth ₹3.21 (as at July 2024). But its shares have now hit ₹2,25,000 in fair value and rose another 5% to close at ₹2,36,250, according to a Business Today report which added that this is now priced higher per share than even MRF Ltd.

Elcid Investments is priced this high since it holds 2,83,13,860 equity shares or a 2.95% stake in Asian Paints Ltd, which is worth close to ₹8,500 crore. (Representational Image)

Meanwhile MRF shares, some of the highest priced in the Indian stock market, closed at ₹1,22,576.50 on the Bombay Stock Exchange (BSE) after the trading session ended on Tuesday, October 30, 2024. It was a ₹478.55 or 0.39% drop.

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Why did Elcid Investments shares rise so high?

The sky-high stock price came after the company was relisted on the BSE on Tuesday, October 29, 2024. It's market capitalization is ₹4,725 crore now.

Elcid Investments was one among companies like Nalwa Sons Investments, TVS Holdings, Kalyani Investment Company, SIL Investments, Maharashtra Scooters, GFL, Haryana Capfin and Pilani Investment and Industries Corporation which saw a relisting.

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The relisting through a special call auction mechanism for a price discovery on Monday and the rate settlement on Tuesday was announced in a BSE circular dated October 21, 2024

This came after the promoters of the company made a voluntary offer to delist it for a base price of ₹1,61,023 per share. However, this didn't happen due to non-receipt of requisite majority of public shareholders, according to the report.

Another important reason for Elcid Investments to be priced this high is that it holds 2,83,13,860 equity shares or a 2.95% stake in Asian Paints Ltd, which is worth close to ₹8,500 crore.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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