Treet Battery Denies Knowledge of Reason Behind 285% Share Price Surge

Treet Battery Limited (PSX: TBL) has stated outright that it is not aware of any matter of development behind the company’s unexpected and substantial surge in share price logged during trade sessions from 15 December 2023 till 8 January 2024. “We would like to state that in terms of Section 97 of the Securities Act 2015, and clause 5.6.3 of the Pakistan Stock Exchange Limited Regulations (“Regulations”), we are not aware of any matter or development which may have resulted in the unusual movement in market price of shares of the Company during the period from December 15, 2023 to January 8, 2024,” it said in a stock filing to the main bourse. A remarkable 202 percent surge in TBL’s share price was observed in prior trade sessions, reaching Rs. 33.3 on January 8, 2024, from Rs. 11 per share on December 15, 2023, also the day when the company was listed on the main board. Initially listed at an opening price of Rs. 10 per share, the stock closed at Rs. 11 per share on 15 December 2023. Subsequently, the share price experienced a significant jump of over 200 percent, reaching Rs. 33.33 by 8 January 2024. In under a month, Treet Battery’s shares have seen a substantial increase, soaring from Rs. 10 to Rs. 38.52, marking a 3.85x return. Deeming this price movement as abnormal, the PSX recently called for scrutiny of the trading activities of the company to find out if any manipulation has taken place. In a letter dated January 8, the main bourse formally requested that TBL’s board of directors clarify the circumstances contributing to this massive uptick. The company’s scrip closed at Rs. 38.52 today, up by 7.51 percent or Rs. 2.69 day-on-day with a turnover of 27,500 shares. TBL argues that it remains cognizant of the obligations prescribed by the main bourse to disseminate all price-sensitive information relating to the business and other affairs of the Company that may affect the market price of its shares from time to time. “The Company is fully cognizant of all applicable regulatory requirements and will continue to ensure compliance of the same,” it added.