Nepal Stock Exchange has suspended share trading of NB Insurance (Nepse-NBIL), after Insurance Board stopped the company from doing its non-life insurance business.
The notorious NB Insurance has been bypassing the insurance market regulator's directives since more than a year-and-a-half. The non-life insurance was asked to comply with the regulatory norms and follow the good corporate governance, but it has neither corrected its past deeds nor showed willingness to follow in the future forcing the regulator to stop its all business.
NB Insurance stocks were being trade at Rs 80 per unit at the Nespe.
Likewise, the stock market today also plunged to close at 754.37 points losing 16.48 points in the day's trading due to loss of bank, hydropower and insurance sub groups.
"Stock market is slowly reacting to coming big Initial Public Offering (IPO), time to pay interest of bank loan for second quarter and completion of annual general meetings," wrote share market analyst Rabindra Bhattarai in his Facebook status."There is no positive factors at all to grow the market," he wrote, adding that there is high chance to go market further down, if the market falls below 768 points today (January 1). "Technically trend is showing down trend."