India's most expensive stock fell 5% on Monday to hit the lower circuit after its biggest portfolio company, Asian Paints, reported poor Q2 results. 

What Happened: Asian Paints in its Q2 results saw its net profit slump 42.37% year on year to ₹694.64 crore compared to ₹1,205.42 crore in the corresponding quarter of the previous year. The company's revenue from operations fell 5.3% year on year to ₹8,003.02 crore. 

The brokerages were alarmed by the results and downgraded the stock and gave a bearish call for the stock. The company's weak performance among its peers and subdued demand are headwinds for the company, the analysts noted. 

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As of September 30, 2024, Elcid Investments holds 2.83 crore shares in Asian Paints, which mounts to a 2.95% stake in the company.  Asian Paints stock had fallen 9.51% to an intraday low of ₹2,506.00. Due to this drubbing of Asian Paints stock, Elcid's investments in Asian Paints fell by ₹745 crore. 

Elcid recently became the most expensive Indian stock ever, surpassing MRF after the stock price jumped from ₹3 to ₹2 lakh in October when BSE conducted a special call auction for investment holding companies. 

Price Action: Shares of Elcid fell 5% to ₹3,13,949.70 on Monday. 

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