The most expensive stock in India's market, Elcid Investments Ltd., has fallen by Rs 47,853.7 in its nine session fall to hit its lowest since June 21. This is despite the NBFC submitting an application with Reserve Bank of India for registering a Type-I NBFC-ND on Friday.
The stock has lost 21% in its fall from Dec. 3.
The company had announced its September quarter results on Nov. 12 and reported a significant fall in its net profit to Rs 43.47 crore compared with Rs 135.94 crore a quarter ago. Since it announced its September quarter results, the stock has lost 51.1%.
The scrip fell as much as 5% to hit its lower circuit limit to Rs 1.78 lakh apiece, the lowest level since June 21. It pared losses to trade 0.18% lower at Rs 1.87 lakh apiece, as of 10:03 a.m. This compares to a 0.2% decline in the NSE Nifty 50.
It has risen 45.48% on a year-to-date basis. Total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 40.3.
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