Overpriced Orion Infusion plunges as disclosure jolts investors to reality
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Dhaka, Nov. 15 -- Orion Infusion's stock plunged 12.58 per cent on Monday, becoming the day's worst loser, after soaring 'abnormally' by 12 times in the past five months.
The stock skyrocketed from just Tk 79.70 on June 14 to Tk 959.20 on November 13 amid repeated claims by the company that there was no hidden information behind the abnormal price hike.
The share price retreated to Tk 838.50 on Monday following a corporate disclosure of 10 per cent cash and 10 per cent stock dividend for the year ended in June.
Mir Ariful Islam, managing director of Sandhani Asset Management, said the stock had already been overpriced before the corporate declaration, explaining the price erosion.
The stock shot up unsustainably, he said, adding that ...
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