Elcid Investments saw an unprecedented rise in its share price.

A little-known smallcap stock became an investor sensation on October 29. Elcid Investments witnessed an unprecedented rise in its share price, shooting from just Rs 3.53 apiece to a whopping Rs 2,36,250 on the BSE in just one trading session.

An investment of Rs 1 lakh in Elcid Investments shares a few months ago could have turned into Rs 670 crore after the price hike.

This phenomenal rise has made Elcid Investments India's most expensive stock, surpassing tire maker MRF Ltd's share price of Rs 1.22 lakh apiece (Tuesday's closing price on the BSE).

The astronomical 66,92,535 percent increase in Elcid Investments share price was witnessed after the BSE auction for pricing of holding companies. Each Elcid share was valued at Rs 2.25 lakh.

During the auction, Elcid's shares reached a peak of Rs 4.58 lakh, although the final price determined was Rs 2.25 lakh per share. However, the stock had touched an intraday high of Rs 2,36,250 apiece on the BSE.

Previously, Elcid Investments traded only on June 21 this year with only 500 shares changing hands at Rs 3.53 apiece. As of July 2024, Elcid Investments was considered a penny stock worth just Rs 3.21 apiece.

The BSE auction was part of efforts to improve pricing for investment holding companies (IHCs).

In June 2024, the Securities and Exchange Board of India (SEBI) announced a new initiative aimed at improving pricing for investment companies (ICs) and investment holding companies (IHCs). SEBI found that numerous ICs and IHCs were trading well below their book values. To address this issue and ensure better liquidity, fair pricing and increased investor interest, SEBI has introduced a 'Special Call Auction without Margin' framework specifically for these stocks. As a result, Elcid started trading at Rs 2.25 lakh on October 29.

Currently, Elcid Investment's market capitalization stands at Rs 52,010 crore.