B Mirror Report: Shares of Runner Automobiles PLC came under pressure after a sponsor of the company announced plans to sell his entire stake, triggering a negative reaction in the stock market.

According to a disclosure filed with the Dhaka Stock Exchange (DSE), sponsor and former director Taslim Uddin Ahmed intends to sell all 2.709 million shares he currently holds in the company. The sale is expected to be completed by April 30 through both the public and block markets at prevailing market prices.

Following the announcement, the company’s share price dropped by 4.66 percent, closing at Tk 38.90 on the next trading day.

Earlier, on April 9, another major foreign investor, Brummer Frontier, also announced plans to offload a significant portion of its holdings. The firm plans to sell 5 million shares out of its total 18.3 million shares, further adding to investor concerns.

The simultaneous sell-off decisions by both a sponsor and a foreign investor have raised concerns among market participants about the company’s near-term outlook.

Meanwhile, Runner Automobiles has recently taken steps to enter the electric vehicle (EV) sector. On March 24, the company signed a master supply and manufacturing agreement with China’s BYD Auto Industry Company, opening prospects for EV production in Bangladesh. However, the scale of investment and its financial impact are yet to be finalized.

In terms of financial performance, the company has shown mixed results. It reported a net profit of Tk 29.3 million in the first half (July–December) of the current fiscal year, but incurred a loss of Tk 14.1 million in the second quarter (October–December).