Lovello Under Investigation for Unusual Share Trading

Industry: Food, Stock Market
Company: LOVELLO ICE-CREAM PLC
Company Intelligence Tag: Business Insights

The Bangladesh Securities and Exchange Commission (BSEC) has initiated an investigation into unusual price and volume fluctuations in the shares of Taufika Foods and Lovello Ice-Cream PLC. In a letter dated September 23, the BSEC noted significant and suspicious changes in the stock of the ice cream manufacturer. The chief regulatory officer of the Dhaka Stock Exchange (DSE) has been instructed to examine potential market manipulation, insider trading, and other abuses. The investigation report is to be submitted to the BSEC’s surveillance department within 30 working days. Notably, the company’s stock has surged 265% over the past six months, reaching Tk 106, according to DSE data.

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