Ningbo Green share price loses 34% in four days at PSX

Ningbo Green Light Energy Limited (NGLEL) fell from Rs21.06 before its listing to Rs13.82 on Tuesday, a decline of more than 34% over four trading sessions, Business Recorder reported. The solar energy company began trading on the Pakistan Stock Exchange on October 29, and its shares lost close to 10% per day during the period. On Tuesday, investors traded 1.93 million NGLEL shares.

The listing followed Pakistan’s first Special Purpose Acquisition Company transaction, according to a PSX statement. LSE SPAC-I merged into NGLEL under a scheme approved by the Lahore High Court on September 30, with LSE Capital structuring and facilitating the transaction. SPAC-I shareholders received 1.50 NGLEL shares for each SPAC-I share, while the SPAC had raised Rs250 million through an IPO in May and acquired a 19.04% stake in Ningbo Green. The company’s chief executive said the listing would provide a platform to pursue opportunities and expand its operations.