The stock of Grameenphone (GP) experienced a significant decline of 8.72% immediately after the removal of the floor price restriction.
According to the directive of the Bangladesh Securities and Exchange Commission (BSEC), the floor price restriction on shares of Grameenphone Limited is set to be lifted from today, March 3rd.
Yesterday, GP shares were traded at Tk286.60 each. However, Today, experiencing a drop of Tk25.00 from the opening price at the Dhaka Stock Exchange (DSE). The session witnessed the exchange of a total of 7 lakh 43 thousand 710 shares, amounting to Tk19 crore 46 lakh.
This downturn in GP stocks had a notable impact, resulting in a decline in the key index DSEX, settling at 6,215 by the end of the day trading. The Bangladesh Securities and Exchange Commission (BSEC) had earlier issued a directive to withdraw the floor price restriction on Grameenphone stocks on 3 March. The floor price is the lowest set by the securities regulator, determining the minimum price at which a stock can be traded. In January, the BSEC lifted the floor price for most stocks, 18 months after its introduction.
