Mumbai: Elcid Investment share has created a history in Indian stock market on October 29, 2024 as it was relisted at BSE by surging a staggering 6.7 million per cent to Rs 2,36,250 apiece, surpassing MRF as the highest-priced stock in India in absolute terms. As it got relisted on Tuesday, its fair value hit Rs 2,25,000-market, however, the stock surged another 5 per cent to Rs 2,36,250 mark for the day. The market capitalisation of the small cap company stood at nearly Rs 4,800 crore.
The Elcid Investments share price skyrocketed following the BSE auction for price discovery of holding companies. The index conducted the special call auction “with no price bands” for the counter that last traded at Rs 3.5 per equity share.
It was a historic day on Dalal Street, as the Elcid Investments share jumped from Rs 3.53 to Rs 2,36,250 in a single day, which means appreciation of 66,92,535 percent. MRF share, which was the most expensive stock in India till yesterday closed at Rs 1.22 lakh apiece on BSE.
The Securities and Exchange Board of India (SEBI) introduced a special call auction mechanism for price discovery of scrips of listed Investment Companies (ICs) and listed Investment Holding Companies (IHCs) in June 2024.
“It is observed thatscrips of a few listed ICs andIHCs are being traded infrequently and at a price which is significantly lower than the book value disclosed by these companies in their latest audited financial statements. Moreover, these companies generally have no day-to-day operations and hold investments in different asset classes including in scrips of other listed companies.3.The variance in the market price and book value of such ICs andIHCs is adversely affecting liquidity, fair price discovery and the overall interest of investors in scrips of suchcompanies.4.In order to address the above concern, based on the deliberations with various stakeholders including stock exchanges, public comments and recommendations of Secondary Market Advisory Committee of SEBI, it has been decided to put in place a framework for “special call auction with no price bands”for effective price discovery of scrips of such ICs and IHCs,” Sebi had stated in its circular.
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Elcid Investment share price jumped 66,92,535 percent in a single day. The Elcid Investment stock jumped from Rs 3.53 to Rs 2,36,250 in a single day Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
