Grameenphone shares sink 5.56% on court order
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
SATURDAY, MAY 28, 2022
SATURDAY, MAY 28, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Grameenphone shares sink 5.56% on court order

Economy

TBS Report
24 November, 2019, 04:45 pm
Last modified: 24 November, 2019, 08:58 pm

Related News

  • Stocks jumpstart after finance minister called for support
  • Grameenphone: A listed company leading by example
  • Grameenphone launches 'GP Academy' in partnership with Telenor and Cisco
  • Habib Wahid launches new song ‘Ekhoni Shomoy’ marking GP’s journey
  • Asian markets enjoy respite from heavy selling pressure

Grameenphone shares sink 5.56% on court order

The telecom operator suffered a panic sale on Sunday

TBS Report
24 November, 2019, 04:45 pm
Last modified: 24 November, 2019, 08:58 pm
Representational image of stock. Photo: Pixabay
Representational image of stock. Photo: Pixabay

Shares of Grameenphone plunged by 5.56 percent on Sunday as the Supreme Court ordered the company to pay Tk2,000 crore to the Bangladesh Telecommunication Regulatory Commission. 

The investors put a large number on sale and the pressure was mounting, making this Sunday bad for Grameenphone shareholders.   

Grameenphone shares lost Tk18.4 or 5.58 percent on Sunday. The last price was Tk311.10 per share, compared to Tk329.5 on the previous trading day.

However, the Investor Relation department of the largest mobile phone service operator promptly responded to institutional shareholders' anxiety saying, "We will wait for the written order of the court before making any further comments."

The Appellate Division ordered Grameenphone to pay Tk2,000 crore of a disputed claim of Tk12,580 within the next three months to the Bangladesh Telecommunication Regulatory Commission (BTRC).

The court also said the two-month injunction on the realisation of the total dues imposed by the High Court would be vacated if Grameenphone fails to pay within the given time.

Floor traders told The Business Standard that despite the adverse Supreme Court order, during the early trading, shareholders had been strongly holding onto Grameenphone shares as they were interpreting the court order as a constructive, and systematic solution of ongoing dispute. 

However, as an amount larger than the company's quarterly profit is payable within the next three months, it triggered pessimism among the investors about the company's immediate earnings.

Grameenphone in its statement to the shareholders said, "We reaffirm our commitment to resolve the audit issue by continuing with the jointly committed transparent process towards an amicable resolution with the Honorable ICT Advisor and relevant members of the government."

Grameenphone has one month left to go for a review against the Supreme Court order.   

On April 2 last, the telecom regulator demanded Tk12,580 crore from Grameenphone over irregularities, prompting the company to take the matter to court.

The telecom operator filed a case with the lower court, seeking a temporary injunction on realising the money. But the court on August 28 scrapped the plea of Grameenphone, making it file the appeal with the High Court.

On October 17, the High Court bench of Justice AKM Abdul Hakim and Justice Fatima Nazib issued a two-month injunction against the BTRC's move.

Later, the BTRC appealed to the Appellate Division seeking a stay order. On November 18, the Appellate Division set November 24 to pass the order on the petition.

Meantime, the government came up with its decision to appoint administrators at Grameenphone and Robi.  

The fate of the Robi will be decided on Monday as the High Court will pass the order on an appeal filed by Robi seeking an injunction on BTRC from realising Tk867.23 crore dues from them. 

Top News / Stocks

Grameenphone / shares

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Mahbub Ahmed. Illustration: TBS
    Budget should focus more on inflation control than on growth
  • Govt borrows 51% of target thru’ savings certificate sales in 9 months
    Govt borrows 51% of target thru’ savings certificate sales in 9 months
  • Protecting Hatirjheel would require striking a balance between the preservation of its natural beauty, fisheries and ease of communication. PHOTO: Mumit M
    Can the Hatirjheel water taxi service be stopped?

MOST VIEWED

  • British International Investment (BII) CEO Nick O’Donohoe. Illustration: TBS
    BII to invest $450m in Bangladesh in 5 years
  • Representational image. Picture: Pixabay
    Govt raises regulatory duty to discourage imports of 130 products
  • All banks have to sell dollars at same rate
    All banks have to sell dollars at same rate
  • Representational Image. Photo: Mumit M/TBS
    Govt to list products to suspend imports amid dollar crisis
  • BPC hunts for dollar to import fuel oil
    BPC hunts for dollar to import fuel oil
  • Changes in NBFIs’ deposit, lending rates in the offing
    Changes in NBFIs’ deposit, lending rates in the offing

Related News

  • Stocks jumpstart after finance minister called for support
  • Grameenphone: A listed company leading by example
  • Grameenphone launches 'GP Academy' in partnership with Telenor and Cisco
  • Habib Wahid launches new song ‘Ekhoni Shomoy’ marking GP’s journey
  • Asian markets enjoy respite from heavy selling pressure

Features

A male Baya Weaver beating wings. Photo: Enam Ul Haque

Baya Weavers weave: ‘Must be witnessed to be fully credited’

2h | Panorama
Starlink is ideal in rural or remote locations where internet access has been unreliable or completely unavailable. Photo: SpaceX

Time for a reality check: How viable is Starlink in Bangladesh?

3h | Panorama
First Look: Nissan Magnite 1.0L Turbo

First Look: Nissan Magnite 1.0L Turbo

3h | Wheels
Car myths that really need to go away

Car myths that really need to go away

3h | Wheels

More Videos from TBS

Foods that will prevent future famines

Foods that will prevent future famines

1h | Videos
Sustainable initiative of Pcycle creating employment

Sustainable initiative of Pcycle creating employment

2h | Videos
Photo: TBS

Education at Tk1 changing lives, making dreams come true

4h | Videos
Photo: TBS

An electricity bill that connects Brahmanbaria with Tripura

4h | Videos

Most Read

1
Bangladesh at risk of losing ownership of Banglar Samriddhi
Bangladesh

Bangladesh at risk of losing ownership of Banglar Samriddhi

2
Corporates go cashless…tax cut on cards
NBR

Corporates go cashless…tax cut on cards

3
Photo: Courtesy
Panorama

Misfit Technologies: A Singaporean startup rooted firmly in Bangladesh

4
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

5
British International Investment (BII) CEO Nick O’Donohoe. Illustration: TBS
Economy

BII to invest $450m in Bangladesh in 5 years

6
Representational image. Picture: Pixabay
Economy

Govt raises regulatory duty to discourage imports of 130 products

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab