Beximco’s price falls despite director’s massive share purchase news

Beximco Ltd's stock experienced a price fall today although the company disclosed that its corporate director is going to buy 3 crore or 3.4 per cent of the entity's total shares from the market.

The price of each share of the company fell 0.57 per cent from the previous day to hit Tk 174.60 today, according to data collected from the Dhaka Stock Exchange (DSE).

In the disclosure that the company made in a posting on the DSE website, the company said Beximco Holdings Ltd, one of the corporate directors of the company, has expressed its intention to buy 3 crore shares of the company at prevailing market price.

The buy would be completed in the next 30 working days, it added.

The general investors did not show that much interest to buy Beximco's stock this time as the price of its shares is already inflated, said a top official of an asset management company preferring anonymity.

Beximco's share price soared over 14 times to Tk 185 on November 11, which was only Tk 13 on July 13 in 2020, the DSE data shows.