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The securities regulator has asked the Dhaka Stock Exchange (DSE) to probe into unusual hike in the price of Orion Infusion, which skyrocketed 986 per cent over the last three months.
The share price of the pharmaceutical company closed at Tk 87.60 each on July 3 last and since then, it continued its upward journey to end at Tk 951.60 each on Thursday, the last trading session of this week.
On Wednesday, the Bangladesh Securities and Exchange Commission (BSEC) sent a letter to the DSE, asking it to conduct an investigation into the company's unusual price hike.
The premier bourse was also asked to submit a report within 20 working days to the commission.
"The DSE will review the company's audited and unaudited financial statements along investigating unlawful activities, if any, behind the unusual price hike," said Mohammad Rezaul Karim, a BSEC executive director and spokesperson.
Asked, M Shaifur Rahman Mazumder, DSE managing director (current charge), has confirmed the regulatory instruction regarding the investigation into the company's unusual price hike.
Earlier, the DSE made several queries to know whether there was any price sensitive information behind the unusual price hike and increase in volume of shares.
In response to each DSE query, Orion Infusion has informed that there is no undisclosed price sensitive information.
Orion Infusion, presently an 'A' category company, was listed on the stock exchange in 1994.
The company's sponsor-directors own 40.61 per cent stakes, institutes 7.50 per cent, foreigners 0.04 per cent and the general investors 51.85 per cent as on September 30, 2022, DSE data show.