The stock that made 3 rupees into 3 lakhs is making it a pauper!
The stock of Elcid Investments, which had once risen from Rs 3 to Rs 3 lakhs, is now facing a continuous decline. This stock had become the most expensive stock in the indian stock market at one time, but at present its prices have come down drastically.
The price had gone from Rs 3 to three lakhs
The stock of Elcid Investments Limited had reached from Rs 3.53 to Rs 2.36 lakh directly in a single day on 29 october 2024, making it the most expensive stock in the indian stock market. This boom made investors millionaires overnight, as the price of this stock increased by 66,92,535 percent. After this, on november 8, it touched its high level of Rs 3,32,400 per share.
Now the stock is falling continuously
However, since then the share prices of Alcid Investments have been falling continuously. In the last two months, this stock has fallen by about 60 percent. By the end of january, its price has come down to around Rs 1.28 lakh, which is a big decline. In the last one month, this stock has registered a decline of 32 percent. At the same time, in the last 5 days, this stock has fallen by about 7 percent. On january 27, 2025, this stock was trading at a price of Rs 1,28,000. On monday also, this stock saw a decline of 3.64 percent.
This sudden decline has created an atmosphere of concern among investors. Many investors who had invested heavily in this stock are now facing losses. Despite the company having stakes in big companies like Asian Paints, its current performance has been disappointing.
Current status of the company
Alcid Investments has applied for registration as a non-banking financial company (NBFC) with the reserve bank of india (RBI). The company currently has no operating business, but it holds shares of several unlisted companies. Apart from this, the market value of its stake in Asian Paints is around Rs 8500 crore, which gives it a strong base. Experts believe that if the company successfully completes its NBFC registration and strengthens its business model, then this situation may change. However, seeing the negative movement of the market at present, investors are advised to be cautious.
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