The Worlds Most Surging Stock Indian Small Cap Soars 6692635 in a Single Day Yet Still Falls Short of Bitcoin

This week, Indian stock market’s sensational stock Elcid Investments surged by 6,692,535% in a single day, setting a record for the highest single-day price increase globally.
(Background: Arthur Hayes’ lengthy article: China’s “epic liquidity injection” will eventually lead hot money to flow into Bitcoin)
(Background Supplement: Has the era of high returns in U.S. stocks come to an end? Analysts warn of only a 3% return over the next decade)
More astonishing than cryptocurrencies, a sensational stock has emerged in India. The non-banking financial company Elcid Investments, headquartered in Mumbai, saw its stock price explode from 3.53 rupees (approximately 1.34 NTD) on October 29 to 236,250 rupees (89,683 NTD), a staggering increase of 6,692,535%, setting the highest record for single-day price increases globally.
As of the market close on the 1st, Elcid’s stock price continued to climb to 260,465 rupees, representing an increase of over 73,786 times from the low on the 29th. The total market capitalization is now close to 50 billion rupees (18.98 billion NTD), with the stock price surpassing the tire giant MRF’s 122,524 rupees, making it the highest-priced stock in India, attracting global attention due to its astonishing increase.
Reasons for the 730,000-fold surge of the Indian sensational stock
According to a report by Business Standard, Elcid, based in Mumbai, India, primarily engages in investments in stocks, bonds, mutual funds, and other financial assets and has close ties with India’s largest paint company, Asian Paints.
As of September 30, 2024, Elcid Investments has issued 200,000 shares, of which 75% (150,000 shares) are held by the founder of Asian Paints. Other major shareholders include Hydra Trading and 3A Capital, holding 16.65%, along with 284 individual shareholders holding a total of 7.43%.
Notably, the sudden surge of Elcid this week was mainly driven by the Indian regulatory authorities.
For the past year, Elcid’s stock price had been stagnant at around 3 rupees per share, while its book value per share reached as high as 585,225 rupees. SAMCO Securities indicated that such a massive gap led existing shareholders to be reluctant to sell their shares at such a low price, resulting in almost no trading volume since 2011.
To address this significant discount between the stock price and book value, the Securities and Exchange Board of India (SEBI) instructed the Bombay Stock Exchange to conduct a “special collective bidding auction,” allowing for “trading without a price range,” to help enhance liquidity and discover a fair price for these stocks, bringing their stock prices closer to their book values. Following the bidding auction on October 28, Elcid’s stock price surged by 66,900 times.
However, cases like Elcid, which belong to the “early value discovery” category, are somewhat similar to the surge of Bitcoin over the past decade. In fact, the increase has not surpassed Bitcoin, which has risen at least 460,000 times since its first public trading price on the Mt. Gox exchange, indicating that the potential returns from discoveries in unknown fields due to technological and informational asymmetries are substantial.
Foreign capital frenzy flowing out of the Indian stock market, shifting to China
On the other hand, many foreign media outlets reported that the Indian stock market has been in a continuous slump since October. According to Nikkei, as of October 29, foreign institutional investors had sold off 909.3 billion rupees (approximately 245 billion NTD) worth of Indian stocks, with the main index SENSEX falling nearly 5%.
In monthly terms, foreign capital is flowing out at a historic high rate and into the previously oversold Chinese stock market. HSBC stated that global institutional investors are raising funds from the Indian, South Korean, and Taiwanese stock markets to invest in the Chinese stock market, with the highest amount coming from the Indian stock market.
Many analysts believe that, given the high valuation of the Indian stock market and the signs of economic recovery brought about by the Chinese authorities’ liquidity injections, the sell-off of Indian stocks by foreign capital will continue



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