Beximco rebounds nearly 10% after weeks of steep losses
The heavyweight stock surged by 9.86% to close at Tk31.20 per share, while investor participation skyrocketed as 3.91 crore shares changed hands, generating a staggering turnover of Tk105.56 crore.
In a sharp reversal of recent market sentiment, Beximco Limited staged a strong comeback on the Dhaka Stock Exchange (DSE) today (28 June), emerging as the day's top gainer after weeks of relentless selling pressure.
The heavyweight stock surged by 9.86% to close at Tk31.20 per share, while investor participation skyrocketed as 3.91 crore shares changed hands, generating a staggering turnover of Tk105.56 crore, which made it the most-traded stock on the premier bourse.
The rebound offers some relief to investors following a brutal correction triggered by the removal of the stock's long-standing floor price on 9 June. Since the move by the Bangladesh Securities and Exchange Commission (BSEC), Beximco shares nosedived by 74.20% across just 13 trading sessions.
The collapse wiped out around Tk7,706 crore from the company's market capitalisation, with the share price crashing to Tk28.40 from its pre-removal level of Tk110.10, representing a massive loss of Tk81.70 per share.
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According to the company's May shareholding data, sponsors and directors hold 33.11% of the shares, general investors 33.36%, institutional investors 32.59%, and foreign investors 0.94%.
Despite today's rebound, Beximco's longer-term outlook remains overshadowed by mounting regulatory and legal challenges.
The BSEC had earlier appointed independent directors to Beximco Limited, Beximco Pharmaceuticals and Shinepukur Ceramics under government directives, a decision the group has challenged through a writ petition pending before the High Court.
Compounding these governance issues, Beximco has failed to approve or publish any financial statements since December 2024, creating a severe transparency blackout. Its last available report for the first half of the 2024-25 fiscal year painted a bleak picture, flashing a loss per share of Tk3.78.
Beximco also remains under significant operational pressure after the High Court directed Bangladesh Bank to appoint a receiver and attach the group's assets to prevent their dissipation and facilitate the recovery of allegedly laundered funds.
Following a writ petition, the High Court directed Bangladesh Bank to appoint a receiver and attach the group's vast assets to prevent their dissipation and facilitate the recovery of funds allegedly laundered abroad.
