9,00,000% premium! Yes, this penny stock is seeking eye-popping price in grey market

When this stock traded last on June 15, 2020, it hit the upper circuit of 5 per cent at Rs 9.09. Today, it quote a price of Rs 80,000 per share in unlisted market, seeking an eye-popping premium of 9,00,000 per cent!

The unlisted market is the place where illiquid, delisted and rarest of rare stocks get traded unofficially at a premium price. But the question is how much premium is an investor willing to pay for such a stock?

Elcid Investments is a microcap company, and there is nothing spectacular about its financials. The only draw to the counter is the fact that it is among the promoters of the blue chip firm Asian Paints. Also, the company has been paying an annual dividend of Rs 15 per share since FY17.

“It is a very thinly-traded stock and people opt for off-market trade for it. Price of this share is directly linked to the share price of Asian Paints," said Sambhav Aggarwal of Arms Securities, a firm that deals in unlisted shares.

“Usually, HNI investors fancy it. We get a lot of queries for the stock. But considering the huge spread between buyer price and seller price, only scanty trades take place,” he said.

When the stock last traded on June 15, 2020, it immediately hit the upper circuit limit of 5 per cent at Rs. 9.09. It has been traded only six times in last one year as per data from Bombay Stock Exchange (BSE).

Sandip Ginodia , CEO

ALTIUS INVESTECH PVT LTD

We deal in over 60 unlisted companies with 15 years of experience .

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

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