In contrast, Elcid Investments, which briefly held the top spot, is now trading at Rs 1,29,899. The stock has dropped nearly 60% from its record high of Rs 3,32,399.95 seen in November 2024.
Elcid shot into the spotlight in October 2024, when its stock price soared during a special call auction conducted by the Bombay Stock Exchange (BSE). On October 29, its price jumped from just Rs 3.53 to Rs 2,36,250—a staggering single-day increase of 66,92,535%.This spike followed a SEBI initiative to discover fair market values for holding companies that were trading far below their book value. In Elcid’s case, the auction briefly made it the most priciest stock in India, overtaking MRF, which was then priced at Rs 1,22,576.
Elcid’s rally proved short-lived. The stock peaked in November 2024, but has since undergone a sharp correction—driven largely by a decline in Asian Paints, in which Elcid holds a 1.28% stake.The value of this holding fell from Rs 3,616 crore in October 2024 to Rs 2,775 crore as of now. Elcid’s current market capitalisation stands at around Rs 2,584 crore, which is now below the value of its Asian Paints stake. Shares of Asian Paints have declined over 21% in the past year and nearly 30% over two years, exerting downward pressure on Elcid’s valuation.
While Elcid’s brief status as the costliest stock was driven by revaluation mechanics, MRF’s high price stems from its low number of outstanding shares. Investors need to remember that a stock’s price doesn’t always indicate its intrinsic value.
MRF, in contrast, has steadily risen on the back of strong earnings and consistent business performance.
MRF’s recent gains were also supported by strong quarterly results. For the March 2025 quarter, the company reported a net profit of Rs 498 crore, up from Rs 380 crore a year earlier. Revenue rose 12% to Rs 6,944 crore, while EBITDA grew 18% to Rs 1,043 crore, with margins improving to 15%.
MRF is India’s largest tyre manufacturer and among the top tyre makers globally. The company offers a broad range of tyres across segments—from passenger cars and trucks to motorcycles and agricultural vehicles. It has also diversified into conveyor belts, paints, and sports goods over the years.
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