Elcid Investments, a non-banking financial company (NBFC) based in Mumbai, made headlines by experiencing an extraordinary surge in its share price, rising from ₹3.53 to ₹2,36,250 per share on October 29, 2024. This surge of over 6.7 million percent made Elcid the most expensive stock in India, even surpassing MRF.

The dramatic increase occurred following a special call auction organised by Indian stock exchanges, as mandated by SEBI. This auction was conducted without traditional price bands, designed to address undervaluation issues affecting investment holding companies. Elcid had previously been trading at a massive discount relative to its book value, which stands at over ₹4 lakh per share. This discrepancy existed due to low liquidity and limited trading activity over the years​