BSEC to probe unusual price movement of Gemini Sea Food

The securities regulator has formed a body to probe into unusual price and volume movements of Gemini Sea Food.

Bangladesh Securities and Exchange Commission (BSEC) on Tuesday took the step in the interest of general investors.

The inquiry committee led by Mohammad Rakibur Rahman, an additional director of the securities regulator, has been asked to submit a report within 20 working days.

According to the terms of reference, the BSEC body will review the company's recent audited and unaudited financial statements.

The committee has also been asked to identify market manipulation attempts and insider trading, if any, and other malpractices behind the company's unusual price and volume movements.

On October 19, the company recommended 10 per cent cash and 30 per cent stock dividends and reported EPS (earnings per share) of Tk 12.49 with a remarkable 1634.72 per cent year-on-year growth.

Before the disclosure, the stock jumped 51.33 per cent in 13 sessions.

On the day of the declaration, the stock plunged to be the worst loser after losing 14.18 per cent. The share price fell further 23 per cent in the next two sessions.

The stock, however, advanced 8.67 per cent or Tk 39.70 on Tuesday to close at Tk 497.50 on the Dhaka Stock Exchange.

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