Not MRF, But This Smallcap Is The Most Expensive Stock In India
Elcid Invest's share price rose as much as 46.72% to Rs 2,36,250 apiece.
Share price of Elcid Investments Ltd. surged 46.72% on Wednesday, following a dramatic relisting on the Bombay Stock Exchange the previous day.
Elcid was among several companies, including Nalwa Sons Investments, TVS Holdings, and Kalyani Investment Co., that underwent relisting, as per an HT report.
A BSE circular dated Oct. 21 announced the relisting of select investment holding companies through a special call auction mechanism, for price discovery on Monday. The effective rates were finalised on Tuesday, following this special provision, Business Today reported.
The relisting followed a voluntary delisting offer by the company’s promoters, which set a base price of Rs 1,61,023 per share. However, the offer fell short due to failure to secure the necessary majority from public shareholders, preventing the delisting from proceeding, as per the report.
Elcid Investments Ltd. was incorporated on Dec. 3, 1981, under the Companies Act of 1956 in Mumbai. It is a non-banking finance company registered with the Reserve Bank of India, primarily engaged in making investments in shares, debentures, mutual funds, and other financial instruments. The company has two subsidiaries—Murahar Investments & Trading Co. and Suptaswar Investments & Trading Co., both of which are also registered with the Reserve Bank of India as NBFCs.
This massive stock price increase reflects the volatility and speculative nature often associated with small-cap stocks, especially during relisting events.
Elcid Invest's share price rose as much as 46.72% to Rs 2,36,250 apiece. It was trading at the same level as of 11:18 a.m. This compares to a 0.12% decline in the NSE Nifty 50. It is to be noted that the stock has topped MRF to become the most expensive share in India.
Total traded volume so far in the day stood at 38 times its 30-day average.
