Shahjibazar Power Company Limited (SPCL) has been brought back to the main market from spot market after more than eight months, securities regulator BSEC said in a statement yesterday.
But the issue remained as non-marginable securities as like as before, the statement said.
The small-cap power generation company that had never fell for nearly four months from the day when it debuted.
The downfall of the company’s share price comes a day after the BSEC put a number of trading restrictions on it, aiming to restrain the abnormal price hike without any fundamental reason.
Before witnessing forcible correction, it rose more than 1,200% on its offer value of Tk25 a share since its debut on July 15 last.
Following formation of the probe panel, Dhaka Stock Exchange on August 11 suspended share trading of Shahjibazar for an indefinite period, but on October 20, allowed it to resume share trading following completion of probe by the Commission.
The BSEC probe team found that the company inflated its net profit to Tk28.6 crore from its original profit of Tk16.9 crore in its financial statement for nine months (July 2013-March 2014).
For the offence, the regulator fined the company’s five directors and managing director Tk55 lakh. According to market sources, share prices of Shahjibazar gained without break despite many irregularities just on the basis of rumour that the price of the scrip would increase further.
On November 9 last, the commission started probing into unusual rise in share prices of SPCL for the second time within a span of more than three months.