PSX finally queries Treet Battery over consecutive upper caps since listing

January 08, 2024 (MLN): After sixteen consecutive trading sessions of upper caps, the Pakistan Stock Exchange (PSX) has finally asked Treet Battery Limited (PSX: TBL) to disclose material facts known to the company that have contributed to the unusual spike in its share price.

It is crucial to note that TBL made its debut on the PSX on December 15, 2023, at Rs10 per share and as of January 08, 2024, the stock has surged to Rs33.33, marking an astounding 233% increase or a 3.33x rise in value.

This was already highlighted by Mettis Global News that this rapid escalation prompts questions about potential vulnerabilities in TBL's stock price.

Moreover, following this dramatic rise, TBL's market capitalization has surpassed that of its parent company, Treet Corporation Limited (PSX: TREET).

Consequently, the local bourse has issued a notice to the company, asking them to highlight possible factors attributed to this rapid spike.

Although, PSX has noted that First Treet Manufacturing Modaraba (PSX: FTMM) had disseminated the financial statements and its CBS presentation on the financial performance of TBL on a stand alone basis.

However, the price increase has been observed in TBL pursuant to demerger of FTMM and it is imperative for the company to clarify its position and provide sufficient explanation regarding the significant and consistent surge in its share price since listing.

Copyright Mettis Link News