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Orion Infusion and Orion Pharma are witnessing unprecedented price hikes and increased volume of share transactions in recent times despite having no undisclosed price sensitive information (PSI).
Orion Pharma's shares jumped 49 per cent or Tk 41 each in a month to close at Tk 125.90 on Thursday at the Dhaka Stock Exchange (DSE).
On Wednesday, the recent price surge prompted the DSE to serve show-cause notice on the company to know whether there was any price sensitive information for recent unusual price hike.
The company, however, informed the DSE on Thursday that there is no undisclosed price sensitive information.
Even after being served show-cause notice, the company's share price did not retreat. Rather, it soared 7.51 per cent further on Thursday, becoming the day's second highest gainer.
The drug maker also made its way into the prime bourse's turnover chart over the last few days amid influx of buyers and sellers.
Meanwhile, Orion Infusion's share price also skyrocketed by Tk 285 each just in a month to close at Tk 419 on the DSE on Thursday. Its price was Tk 133 each a month earlier.
The company's share price soared 'abnormally' by more than four times or Tk 322 each in the past two months since July 8. The company's share price was Tk 97 each in two months back.
The company's shares traded between Tk 65.80 and Tk 419.10 in the last two years, according to DSE data.
The continuous unusual price surge prompted the DSE to serve show-cause notice on the company three times to know whether there was any price sensitive information.
The company had repeatedly informed investors through the DSE website that it had no undisclosed price sensitive information.
The company's soared 8.72 per cent further on Thursday, becoming the day's top gainer.
The stock market analysts are suspecting that manipulation was the reason behind such an "abnormal" price surge.
"The influential investors by disseminating rumours are trying to manipulate the prices of many companies' shares to make a quick profit," said a leading stockbroker.
Share prices of many companies are on the rise, although transaction and price movement of these companies' shares do not match their fundamentals.
He said the investors are chasing these stocks without conducting any proper analysis, as they see continuous rise in values.
Orion Infusion's share price is rising too fast and the regulator should investigate whether there are any wrongdoings from manipulators, he said.
The surveillance team of the regulator was keeping an eye on trading every day, said an official of Bangladesh Securities and Exchange Commission (BSEC), preferring anonymity.
He said general investors need to be careful about their own investments.
Listed in 1994, Orion Infusion disbursed 10 per cent cash dividend in 2021. In 2020, it also provided a 10 per cent cash dividend.