Bishal Bazar Company Limited, which has not held an annual general meeting (AGM) for 11 years and has not conducted an audit for the past five years, now boasts the highest market capitalization on the Nepal Stock Exchange (NEPSE).

As of Thursday, the company’s market capitalization reached Rs 233. 42 billion, surpassing the state-owned Nepal Telecom (Nepal Doorsanchar Company Limited), which had long held the top position with a market capitalization of Rs 165. 78 billion. Nepal Telecom has 180 million shares listed on the secondary securities market.

NEPSE’s total market capitalization on Thursday stood at Rs. 44. 0 2 billion. According to a senior NEPSE official, the surge in Bishal Bazar’s share price is attributed to heightened investor demand for its shares. The company’s share price closed at Rs. 5,915 per share on Thurssday. Bishal Bazar Company Limited has 41 million shares listed on NEPSE, making it a significant player in the market.

Out of the total listed shares, 39.681 million shares (98.96%) are held by promoters, while only 418,967 shares (1.04%) are held by general shareholders. “The price has risen sharply due to the limited availability of shares for general shareholders, combined with high demand,” the NEPSE official explained.

Despite its high valuation, Bishal Bazar has not published financial statements since the second quarter of the fiscal year 2020/21. This lack of transparency has raised concerns among market participants. “It is unusual for a company with outdated financial disclosures to reach such a high market capitalization,” noted veteran investor Dambaru Ballabh Ghimire. He warned that potential manipulation could be driving the share price and called on regulators to investigate. “Without proper oversight, investors could face significant risks,” he added.

The company last held its AGM on March 28, 2014, for the fiscal year 2013/14. Subsequent AGMs for the fiscal years 2013/14 and 2014/15 were called but could not proceed due to disputes among the shareholders.

Board member Radha Pokharel stated that Bishal Bazar completed the audit for the fiscal year 2018/19 and is currently finalizing audits for fiscal years 2019/20 to 2023/24. She added that the company plans to hold an AGM within the current fiscal year to resolve pending issues.

The company last disclosed unaudited financial statements on January 4, 2021 (corresponding to the second quarter of fiscal year 2021/22). Since then, no audited or unaudited financial reports have been published, leaving stakeholders concerned about the company’s operational and financial health.