Elcid Investments Limited continued its remarkable ascent on Monday, rising by 5 percent to reach ₹2,73,488.85, further establishing itself as India’s most expensive stock. This surge follows an extraordinary increase in share value, which soared from ₹3.53 to ₹2,36,250 on October 29, following a special call auction conducted by the Bombay Stock Exchange (BSE).
The dramatic price fluctuations were prompted by BSE’s implementation of the Securities and Exchange Board of India (SEBI)’s new framework for price discovery of listed investment companies through a special call auction mechanism. In a regulatory filing, the company attributed the price behavior to “purely market conditions.”
Previously holding the title of India’s most expensive stock, MRF Ltd., has seen its shares trading at ₹1,21,252.95 as of 1:19 PM on November 4, reflecting a decline of 1.68 percent.
During the trading session on October 29, Elcid Investments recorded a modest volume of 241 shares, but the price jump represented an unprecedented single-day gain of 66,92,535 percent. The company has stated that it has not withheld any material information that could have impacted the stock’s price movement.
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