ACEDBL puts to rest rumors fuelling its scrip

ShareSansar, May 21:

Ace Development Bank Limited has sent a clarification letter today to Nepal Stock Exchange (NEPSE) regarding the enormous price rise which saw more than 40 percent increment of its scrip in last three days.

The development bank clarified that they have not made any business decisions which might affect the company’s stock price over the night.

The company has made such announcement following the huge rise in its share price which was based on the rumor of company’s merger with Himalayan Bank Limited. The company’s share price had witnessed surge from Rs 198 to Rs 256 within three days time.

However, following the publication of this clarification the company’s stock price experienced stagnant performance. The company’s scrip closed at Rs. 256 after reaching the height of Rs 281 yesterday.