Elcid Investments’ Shares Drop 19% After Record-Breaking Surge, Still India’s Most Expensive Stock

Elcid Investments, which made headlines after its stock price skyrocketed by an unbelievable 66,92,535% on October 29, 2024, has seen a 19% drop in the last six trading sessions. The stock peaked at Rs 3,30,473.35 on November 8 but has since dropped to Rs 2,68,336.80.

The company released its Q2FY25 earnings on November 12, revealing a 68% drop in net profit to Rs 43.47 crore compared to Rs 136 crore in Q2FY24. However, the profit was up 179% year-on-year. Total revenue for the quarter rose 149% year-on-year to Rs 56.34 crore but was down 68% from the previous quarter.

Elcid’s meteoric rise began on October 29, when its share price surged from Rs 3.53 to Rs 2,36,250, making it the most expensive stock in India, surpassing MRF. The surge followed a special auction for investment companies with low trading volumes but high book values.

Elcid owns a 1.28% stake in Asian Paints, worth around Rs 3,616 crore. Despite the sharp drop, the stock remains expensive, and investors are reminded that share price and valuation are not the same.