Dhaka, March 3 -- The stock market opened lower on Sunday as Grameenphone, the largest market-cap share plunged after the withdrawal of floor price.

After remaining at Tk 286.6 more than 18 months, GP free-from the lowest price restriction as per the directive of the Bangladesh Securities and Exchange Commission (BSEC).

The floor price is the lowest price set by the securities regulator at which a stock can be traded. The BSEC in January lifted the floor price of most stocks 18 months after introducing it.

Following the floor price removal, GP took a hit as its stock price plunged 8.72 per cent or Tk 25 each to Tk 261.6 after the first hour of trading.

Market operators said as the GP is the largest market-cap stocks, its price fall im...