MRF reclaims title as India’s most expensive stock, Elcid Investments shares step aside

Elcid Investments took the title of India’s priciest stock away from MRF on October 29, 2024, after a special price discovery session conducted by the BSE.

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Shares of tyre maker MRF Ltd edged out Elcid Investments Ltd to become the most expensive listed stock in India once again, amid a sharp underperformance in the latter’s share price over the past six months.

At close on the June 3 trading session, shares of MRF settled at Rs 1,37,834 apiece, higher than Elcid Investment’s closing price of Rs 1,29,300 per share.

On October 29, 2024, Elcid Investments took the title of India’s priciest stock away from MRF, rising an astonishing 66,92,535 percent in one session to Rs 2,36,250 per share. The smallcap stock created history on Dalal Street as its share price soared from Rs 3.53 to an astounding Rs 2,36,250 in one day.

A June 2024 SEBI circular proposed a new mechanism to improve the price discovery of Investment Companies (ICs) and Investment Holding Companies (IHCs). SEBI noticed that many ICs and IHCs are trading significantly below their book value.

To help improve liquidity, fair price discovery, and the overall investor interest in the stocks of such companies, SEBI introduced a framework for “special call auction with no price bands” for these stocks.

Also Read | Elcid Investments stock could be worth Rs 5.84 lakh; here’s why

Elcid Investments is a registered NBFC under investment company category with RBI. The company currently doesn’t have any of its own operational business, but it has a lot of investments in other big companies like Asian Paints.

The main source of earnings is the dividends from its holding companies. The company has over Rs 11,000 crore worth of investments and its market capitalisation in Rs 2,600 crore.

However, as Asian Paints shares have been underperforming on the bourses, sinking 40 percent from all-time highs, Elcid shares haven’t fared well either. Over the past six months, shares of the holding company have recorded a steep drop of 43 percent in trade.

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