Elcid Investments Limited continued its extraordinary rally on Monday, rising 5 percent to ₹2,73,488.85, further cementing its position as India’s most expensive stock. The increase comes after the company’s shares shot up from ₹3.53 to ₹2,36,250 on October 29, following a special call auction organized by BSE.
The dramatic price movement was caused by the implementation of BSE SEBI‘s new framework for price discovery of listed investment companies through a dedicated call auction mechanism. The company confirmed this in a filing with the regulator, saying the pricing behavior was “purely due to market conditions.”
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Also read: Why Elcid Investment shares zoomed in one day
The rapid rise in the stock has pushed the stock well above MRF Ltdthe previous holder of India’s most expensive stock title. As of 1:19 PM on November 4, MRF shares were trading at ₹1,21,252.95, down 1.68 per cent.
During the October 29 trading session, Elcid Investments recorded a modest volume of 241 shares, but the price increase represented an unprecedented one-day gain of 66,92,535 percent. The company has maintained that it has not withheld any material information that could have affected the stock’s price movement.
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Published on November 4, 2024