FMCG Stock Under Rs 50 Soars 11% Despite Weak Market On This Update; Check Share Price

Shares of Elitecon International soared 11 per cent during the intraday trade on Monday despite a massive sell-off in the domestic stock market due to selling in blue-chip stocks and concerns around tension in the Middle East. Amid this, the small-cap FMCG stock started the session in green at Rs 18.30 and escalated further to touch an intraday high of Rs 19.85, up Rs 1.98 or 11.08 per cent from the last closing price.

However, the stock witnessed profit-booking and fell, erasing early gains. Today's rally in the stock market was driven by an announcement made by the company. 

At closing, Elitecon International shares settled at Rs 18.10, 1.29 per cent or Rs 0.23. Meanwhile, it's 52 week high and low values stood at Rs 46.40 and Rs 17.30, respectively. Today's rally in the company's shares was driven by the announcement made by the company.

What Fueled Rally

The rally was driven by an update from the company about progress towards the restoration of its banking operations. The proceedings are ongoing before the Securities and Exchange Board of India (SEBI).

"The Company") today provided an update on the progress towards restoration of its banking operations, its participation in the ongoing proceedings before the Securities and Exchange Board of India (“SEBI”), and the steps being taken to stabilise and strengthen the Company’s business operations," the company said in an exchange filing.

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"On March 30, 2026, SEBI passed an ex parte Interim Order in the matter of the Company, its promoter and certain other individuals," the filing added.

Stock Market Today

Benchmark Indian equity indices fell sharply, with the BSE Sensex falling 442.93 points, or 0.57 per cent, to end the session at 77,708.52, while the Nifty 50 fell 95.80 points, or 0.39 per cent, to settle at 24,238.50. The decline was seen as investors remained cautious on oil amid rising crude oil prices and growing geopolitical tensions in West Asia.

According to market experts, crude oil prices have risen since the breakdown of the U.S.-Iran ceasefire in June, raising concerns about inflation and the global economic outlook.

Disclaimer: This story is for informational purposes only. It should not be considered as investment advice.