The share price of BDCOM Online Limited – an internet service provider – soared 75% in the last seven trading sessions without any fundamental reasons.
According to the Dhaka Stock Exchange (DSE), the share price surged to Tk41.4 each on Monday, from Tk23.6 on 3 March.
Following such an exponential rise in the stock's price, the country's premier bourse wrote to the company asking it to explain the reasons.
In response, BDCOM Online said there was no undisclosed price sensitive information for the recent unusual price hike.
The company, listed on the capital market in 2002, provides nationwide internet service, data communication, IP telephony service, and vehicle tracking system services.
According to its financials, in the first half of the current fiscal year, the company's revenue increased by 17% to Tk37 crore, and net profit by 91% to Tk4.25 crore from a year earlier.
In fiscal 2020-21, BDCOM Online posted a profit of Tk6 crore, and it had paid a 5% cash dividend to its shareholders.