An Indian stock rose 66,900 times in a single day, setting a new record

On November 1st, a small-cap stock named Elcid Investments in India suddenly soared 66,900 times, from 3.53 rupees to 236,250 rupees; the next day, the company rose by 5%, the stock price reached 248,060 rupees, and the total market value was close to 50 billion rupees (about 4.20 billion yuan). The single-day increase in Elcid's stock price also broke the global record. Elcid is headquartered in Mumbai, India. It is a non-bank financial company (NBFC). Elcid's business mainly focuses on investing in stocks, bonds, mutual funds and other financial assets. Previously, the Securities and Exchange Board of India (SEBI) has asked stock exchanges to hold a special price discovery session aimed at accurately appraising holding companies like Elcid, which are trading well below their carrying value. To facilitate this, both the Bombay Stock Exchange and the National Stock Exchange of India have organised a special telephone auction for holding companies to allow trading without the usual price range. The move is aimed at improving liquidity and helping to discover fair prices for these stocks so that they can be priced closer to their carrying value. < br > < img src = "https://flash-scdn.jin10.com/4e6bd843-e502-48a0-937a-af33c9580a36.png" referrerpolicy = "no-referrer" >