Robi Axiata Ltd, the second largest mobile phone operator, saw its shares plummet by 10% in the morning session following the regulator’s decision to remove floor price restrictions on the stock.
The stock dropped from Tk 30 per share to Tk 27, marking a significant decline.
As per the regulator’s order, Robi will now be subject to the circuit breaker’s upper and lower limits.
The broader market also felt the impact, with the country’s benchmark index DSEX declining by 66.37 points or 1.12% to 5831.86 points as of 11:38 am on the 19th of March. Turnover in the market stood at Tk 2.49 billion, indicating a significant level of trading activity.
