Wed Oct 30 12:54:39 UTC 2024: ## Elcid Investments Becomes India’s Most Expensive Stock After a Phenomenal Price Surge

**Mumbai, October 30:** The Indian stock market witnessed an unprecedented surge in the price of a small-cap stock, Elcid Investments, which skyrocketed from ₹3.53 to ₹2,36,250 in a single day, making it the most expensive stock in India. This extraordinary rise surpassed even the previously held record of MRF, the country’s most expensive stock.

The reason behind this dramatic increase lies in a special call auction conducted by the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) to facilitate price discovery for investor holding companies. Elcid, with a book value of ₹5,85,225, has been trading at a steep discount since 2011, with minimal trading activity.

The special session, aimed at bridging the gap between the market value and the book value of such holding companies, triggered a fair value discovery for Elcid, resulting in a staggering 6.7 million percent rise. This unprecedented surge in a single day has rewritten the history of the Indian stock market.

While investors were not responsible for the surge, the Securities and Exchange Board of India (SEBI) had mandated stock exchanges to organize special auctions for holding companies trading at a significant discount to their book value.

The remarkable climb of Elcid Investments highlights the potential of special auctions in facilitating market transparency and reducing the discrepancy between market value and book value for companies with limited trading activity.

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