BSEC to probe unusual price hike of Intraco Refueling shares

The Bangladesh Securities and Exchange Commission (BSEC) has formed a committee to investigate the recent rally of the shares of Intraco Refueling Station Limited.

Alongside investigating if there had been any foul play – price manipulation, insider trading or any other securities crime like circular trading – with the company shares, the committee would also look into Intraco's investments in five gas stations and also its announced expansion plan.

BSEC Additional Director Mohammad Rakibur Rahman, Assistant Director Asmaul Husna and Dhaka Stock Exchange's (DSE) Senior Manager Mahfuzur Rahman are the members of the committee.

They have been ordered to submit the findings report within 30 working days.

Intraco Refueling shares soared 150% in four months in the DSE this year. It hit over Tk50 at the end of October, which was at Tk20 at the end of June this year.

In between several ups and downs the stock, having a face value of Tk10 apiece, closed at Tk42 on Thursday.

Intraco Refueling Station Ltd entered the stock market in May 2018 and its stock soared to Tk65 in the first month of debut.

During the market dip of March 2020, the stock dropped to near face value.