The Bangladesh Securities and Exchange Commission will rerun investigation against the unusual price hike of Shahjibazar Power Company, BSEC chairman M Khairul Hossain said on Saturday. ‘We had suspended the trading of Shahjibazar shares as the company provided fabricated information. As we opened it after having correction is no reason for abnormal price hike now,’ Khairul said while inaugurating a workshop at Bangladesh Institute of Capital Market at Motijheel in the capital.
He said the BSEC again asked the company if there was any price sensitive information but the company replied in the negative.
‘So we are going to investigate into the matter again,’ he said.
The share price of Shahjibazar increased by 182.11 per cent or Tk 134.40 in just 11 trading sessions belying all regulatory measures.
In latest regulatory measure, the BSEC in 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 share prices and BSEC investigation.
-With New Age input
