India’s most expensive stock, Elcid Investment, announced its second-quarter results on Tuesday afternoon.

What Happened: Elcid Investment in its September quarter posted a net profit of ₹43.47 crore, a 179.37% jump from the previous year. The investment holding company’s revenue gained 149.62% to ₹56.34 crore.

In the corresponding quarter of the previous year, the company posted a ₹15.56 crore net profit and ₹22.57 crore revenue.

The company’s dividend income went up 19.47% to ₹2.27 crore in the quarter. Its interest income went up by 57.35 % to ₹7.27 lakh. Its net gain on fair value changes saw an exponential 161% jump to ₹53.99 crore, compared with ₹20.61 crore in the previous year.

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Elcid’s stock price surged from ₹3 to over ₹2 lakh in October after BSE conducted a special auction for price discovery of investment holding companies, making it the most expensive Indian stock ever.

The auction happened after market regulator SEBI introduced a new mechanism aimed at enhancing the price discovery for Investment Companies (ICs) and Investment Holding Companies (IHCs) to bridge the gap between their current market values and book values.

The stock had fallen 5% to hit the lower circuit on Monday after Asian Paints, one of its holding companies posted poor Q2 results with the stock falling over 8% on the bourses.

Price Action: Shares of Elcid went down another 5% to hit the lower circuit at ₹2,98,252.25  on Tuesday.

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