Grameenphone falls 9% in early trade as floor vanishes

Shares of Grameenphone declined around 9 percent within one hour of trade after the regulator lifted price restrictions on Bangladesh's largest mobile telecom operator. 

Grameenphone fell 8.73 percent to Tk 261 on the Dhaka Stock Exchange (DSE) until 11 am today. The turnover of the stock was Tk 18 crore.

Grameenphone is the latest listed company to see the floor prices go. 

The Bangladesh Securities and Exchange Commission introduced floor prices in mid-2022 to curb market swings. It lifted the price restrictions over the last several months amid criticism and a lack of dynamism in the market. 

It kept the floor prices on shares of Grameenphone, the most valued company in the stock market, along with some other securities. 

The BSEC removed the floor price on Grameenphone after the record date which was on February 29.

Until 11.40 am, DSEX, the benchmark index at the DSE, lost 20.42 points or 0.32 percent.