The Bangladesh Securities and Exchange Commission (BSEC) ordered the Dhaka bourse to investigate the unusual movement of the price and volume of shares of Taufika Foods and Lovello Ice-Cream PLC.

In a letter issued on September 23, the stock market regulator said the price and volume of shares of the ice cream maker fluctuated significantly in recent times, which seemed unusual and suspicious.

Subsequently, the BSEC instructed the chief regulatory officer of the Dhaka Stock Exchange (DSE) to investigate the reasons behind such unusual movements and to verify whether there is market manipulation, insider trading and other market abuses.

The chief regulatory officer has been asked to submit the investigation report to the surveillance department of the BSEC within 30 working days.

Stocks of the company surged 265 percent to Tk 106 during the past six months, according to the Dhaka Stock Exchange data.