Ashraf Ali, company secretary of Ring Shine Textile, declined to comment on the matter. It announced a 1 per cent cash and 1 per cent stock dividend for the 2019-20 financial year. This only led to an increase in the supply of Ring Shine shares in the market, forcing the stock price to plummet even more. When Universe Knitting offloaded the Ring Shine shares, the stock price was languishing at around Tk 8, which is less than the face value. Shares of Ring Shine closed at Tk 6.4 yesterday -- which is the same as the previous day -- down 36 per cent since its debut.

Source: Dhaka Tribune November 30, 2020 18:31 UTC