Grameenphone's share price has witnessed the highest fall in the last 23 months causing a rush to sell its shares in the stock market.
On July 4, the price was at a 23-month low at Tk 282.6, but on the following day, the company traded 10,25,655 shares within 3,730 transactions where the last trading price of the company’s shares was Tk291.1.
Stock market analysis on the last five working days showed that the company's share price fell by Tk11.7 at the Dhaka Stock Exchange (DSE).
Robi’s share prices on the other hand increased by Tk8.5 during this period.
On July 5, Robi’s closing share price was Tk37.1 whereas, on June 29, it was sold at Tk 28.6.
Grameenphone started witnessing negative growth in the stock market after the ban on new SIM cards was announced.
Discussing the solution to this problem, a lawyer who has worked in various cases for Grameenphone thinks that the company will try to resolve this issue out of court.
The lawyer, asking to remain anonymous, told Dhaka Tribune: "I don't think the company has enough time to get ready yet. However, from past work experience with them, I can say that they no longer want to proceed legally.
“If you look at the problems that have arisen with the government in the last few issues, you will see that they have resolved the issue amicably or separately through fines or other means. So, I think they will try to solve this problem without going through a legal procedure but through compromise.”
After Bangladesh Telecommunications Regulatory Commission (BTRC) issued a sanction on the sale of Grameenphone SIM cards; stock market analyses last week showed that the company's share price fell by Tk6 or 2% on the DSE. Meaning the company's share price fell as much as what the circuit breaker allows on that day.
Fearing that the ban will cause a reduction in the company's profit, conscious and dividend-receiving investors are selling the shares.
Regarding the ongoing situation, Shakil Rizvi, director of the DSE and also former DSE president told Dhaka Tribune that it is difficult to comment on this until full information on SIM sales is available.
Sayedur Rahman, managing director of EBL Securities told Dhaka Tribune that: “The whole thing is psychological because none of us has any kind of data here. We cannot say how many SIMs Grameenphone has sold so far, or whether their business will decrease at all even if they don't sell new SIM cards.”
However, Grameenphone has not said anything regarding the price fall in the stock market so far.
