SC order leads to GP share price fall by 5.58%

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Investors reacted to this negative development, which caused GP to move 5.58% downward on Monday

Share price of Grameenphone, the largest market-cap company, fell 5.58%, leading to more than 35 points fall of DSEX, the prime index of the Dhaka Stock Exchange (DSE).

The price fall came following an Appellate Division order asking GP to pay Tk2,000 crore to Bangladesh Telecommunication Regulatory Commission (BTRC) out of its disputed claim of Tk12,500 crore dues within next three months. 

The SC order says that the two-month injunction on realisation of the dues imposed by the High Court will be cancelled if GP fails to pay the amount within the given time. 

Investors reacted to this negative development, which caused GP to move 5.58% downward on Monday.

Market analysts said the investors’ confidence got a battering, which triggered sell-off again on selective large-cap shares, especially GP shares. Grameenphone shares suffered a panic sale at the stock exchanges after the Supreme Court order.

According to the study of stock brokers, if the share price of GP increases 1%, it adds 7 points on broad index DSEX of Dhaka bourse.

The GP closed the day at Tk312 per share, down from Tk329.5 per share in the previous session. The stock sank by 5.58% or Tk18.04.

As many as 1705 shares in GP were traded at the DSE yesterday. The market value of the traded shares was Tk9.13 crore.

GP debuted in 2009 and it is one of the top dividend paying stocks here. In 2018, the company posted a net profit over Tk3,500 crore and its earnings per share was Tk26.04.

Meanwhile, DSEX went down by 18.23 points or 0.38% to settle at 4,688 yesterday. 
Source: https://www.dhakatribune.com

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