Saturday, 13 August, 2022

GP shares tumble after ban on SIM card sale

Grameenphone shares plunged by 2 percent following BTRC’s ban of new SIM cards sales.

Bangladesh Telecommunication Regulatory Commission (BTRC) banned the new SIM cards sale by the Grameenphone, a leading mobile operator of Bangladesh with 83.46 million subscribers.

The Grameenphone shares started trading on the Dhaka Stock Exchange at Tk 300.2 per share but dropped by Tk 6 in the first hour before closing at Tk 294.1.

Grameenphone has been listed with the stock exchange since 2009 and currently accounts for 7.85 per cent of the DSE's market cap.

The BTRC ordered the Grameenphone to not sell new SIM for an indefinite period due to poor quality of service.