Share prices of Shahjibazar Power Company, a newly listed company, increased by another 25.73 per cent in four trading sessions after the formation of an inquiry committee by Bangladesh Securities and Exchange Commission to probe unusual price hike of shares of the company.
Market operators said that the share prices of Shahjibazar continued to rise after its enlistment with the stock exchanges based on a rumour that the prices of the scrip will cross Tk 100 each within a short period of time.
Manipulators were also playing a major role behind the abnormal rise in share prices of the company, they said.
As the manipulators managed to escape themselves from any sort of regulatory punishment in most of the cases also encouraged them to engage in such activities repeatedly, said operators.
The share price of Shahjibazar increased another Tk 16.60 after the formation of the inquiry committee by the commission on Sunday last week, while it rose by 9.89 per cent or Tk 7.30 on Thursday.
The committee to probe the unusual price hike pf Shahjibazar includes BSEC deputy director Md Yusuf Bhuiyan and assistant director Mohammad Rakibur Rahman.
Shahjibazar’s shares closed at Tk 81.10 on Thursday which was traded at Tk 64.50 on Sunday last week.
Before the BSEC’s committee formation, share prices of the company increased by 162 per cent or Tk 39.50 after its debut with the stock exchanges.
The shares of the company increased to Tk 64.50 each on August 3 after its debut on July 15 this year.
The capital market regulators in January this year allowed Shahjibazar Power Company to raise Tk 31.70 crore floating its 1.26 crore ordinary shares of Tk 10 each at an issue price of Tk 25.
-With New Age input
