66,92,535% return possible in 1 day? Smallcap stock Elcid just did that and even broke MRF record
smallcap stock called Elcid Investments has just re-written Dalal Street's history with its share price skyrocketing from just Rs 3.53 to Rs 236,250, an impossible-looking jump of 66,92,535% in one day. Elcid is now India's most highly-priced stock as it has surpassed MRF's share price of Rs 1.2 lakh.
Such a sharp jump is unheard of in India's history and reminds investors of the crypto mania of 2021 when prices of several cryptocurrencies just went through the roof in a matter of days.
However, Elcid's case is not about investor mania but the result of a special call auction for price discovery in investment holding companies organised by stock exchanges BSE and NSE on Monday.
Despite being priced at just Rs 3 per share since 2011, Elcid's book value stood at an impressive Rs 5,85,225. This massive discount left existing shareholders unwilling to sell, with no trades occurring since 2011, SAMCO Securities said.
To narrow the gap between the current market value and the book value of holding companies, Sebi had asked bourses to conduct a special auction session for holding companies with deep discounts compared to their book value.
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