The latest move taken by the market regulator has also failed to stop the unprecedented rise in the share prices of Shahjibazar Power Company with the company’s share prices reaching the single-day maximum limit in the last three trading sessions. According to the data of Dhaka Stock Exchange, SPCL shares closed at Tk 286.60 on Sunday, gaining by 8.73 per cent or Tk 23 on the day.The Bangladesh Securities and Exchange Commission on November 9 formed the second investigation committee to look into unusual rise in the share prices of SPCL.
On November 10, the share prices of SPCL came down to Tk 223 from that of Tk 239 in the previous session.
The price went down to Tk 222 on November 11 but in the next three trading sessions the company’s share prices rose by Tk 64.
The share prices of Shahjibazar increased by 858.80 per cent or Tk 214 from its issue price of Tk 25 since its debut on July 15 this year despite all regulatory measures.
Earlier on August 3, the BSEC had formed a committee that had investigated unusual rise in the share prices of the company.
The regulatory body last week penalised five directors and managing director of Shahjibazar Tk 55 lakh for providing fabricated financial report.
The BSEC on August 21, following a special audit, had revised downward Shahjibazar’s net profit for the period of July 13- March 14 to Tk 16.86 crore and earning per share to Tk 1.48 for the nine months from Tk 28.54 crore and Tk 2.50 respectively.
The trading of the company remained suspended from August 11 to October 21 due to abnormal hike in its share prices and the BSEC investigation.
-With New Age input
