Wed Oct 30 07:02:35 UTC 2024: ## Penny Stock Turns Into India’s Most Expensive Share: Elcid Investments Hits Rs 2.36 Lakh
**Mumbai, October 30, 2023:** In a shocking turn of events, a penny stock that was trading at just Rs 3.21 in July has become the most expensive share in the Indian stock market, hitting a record high of Rs 2.36 lakh. Elcid Investments Limited, a company with a significant stake in Asian Paints, was re-listed on the Bombay Stock Exchange (BSE) on Tuesday, sparking a frenzy among investors.
The listing price of the share was set at Rs 2,25,000, but it surged by 5% during the trading session, reaching Rs 2,36,250. This surge is attributed to the company’s holding of a 2.95% stake in Asian Paints, valued at approximately Rs 8,500 crore based on the paint company’s previous closing price.
Elcid Investments was delisted voluntarily earlier this year by its promoters at a base price of Rs 1,61,023 per share. However, the re-listing of select investment holding companies, including Elcid, has reignited interest in the company.
Experts are advising investors to carefully assess the cash flow and business nature of any company before investing. “The stake in Asian Paints is what has made Elcid Investments a hot topic on Dalal Street,” stated Hitesh Dharaavat of Mumbai-based Dharaavat Securities. “Investors should consider their risk profile and ensure their investment aligns with it before putting their money in.”
The remarkable journey of Elcid Investments from a penny stock to the most expensive share in India serves as a stark reminder of the volatile nature of the stock market and the importance of due diligence before investing.
First Piper 