The share price of National Life Insurance has seen an unusual rise in the last 16 working days although company high-ups said their business did not see any special growth during the period.

Each share of the insurer hit Tk 273.7 yesterday, an increase of 97.33 percent from its price 16 days ago -- Tk 138.7 on August 27.

Industry insiders opined that a rumour of bringing a change in the ownership of the company has pushed the price to go up.

However, the owners and management of the company discarded the possibilities of a change in the ownership.

“No. I did not hear anything about bringing a change in the ownership,” Jamal Mohammed Abu Naser, managing director of National Life Insurance, told The Daily Star.

“And nothing special happened in the business of the company which can fuel the stocks to soar abnormally. Our business is doing as usual. No special growth was there.”

On September 11, the management of the company alarmed the investors through the website of Dhaka Stock Exchange that there was no undisclosed price sensitive information for the ongoing unusual price hike.

That day, each share of National Life hit Tk 188.1, a rise of 35.61 percent from that of August 27.

“The stock market regulator can look into the matter as the share price is rising although there is no specific reason for such a price hike,” Naser said.

“This is actually a case of gambling,” said Professor Abu Ahmed, a former chairman of the economics department of the University of Dhaka, who found no other reason for such a price hike.

The consolidated life revenue account of National Life increased 87 percent year-on-year to Tk 58.76 crore in April-June quarter this year, according to the company's data.

The news of the rise in the revenue account was disseminated on July 31, when the share price of the company was flat at Tk 145. It remained stable for the next one month.

“So such hike in share price is totally abnormal,” said Ahmed, also a stock market analyst.

“The overall performance of the company is good, but this abnormal price hike within such a short time is totally a case of gambling. The regulator should go after the gamblers.”

Only 6.67 percent shares of the company belonged to the public as on July 31 and the gamblers are playing with the share by spreading a rumour, he said.

National Life—which got listed on the Dhaka bourse in 1995—announced 20 percent cash and 15 percent stock dividends for 2017.