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Stock market pushed to ‘red territory by unwholesome political environment’

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By Hiran H.Senewiratne

The stock market yesterday indicated a downward trend for 12 consecutive working days due to the growing unwholesome political environment, which pushed the market to red territory, market analysts said.

Amid those developments both indices moved downwards. The All Share Price Index went down by 46.39 points, while the S and P SL20 declined by 10.3 points. Turnover stood at Rs 1.1 billion with four crossings. Those crossings were reported in Richard Pieris, which crossed 5 million shares to the tune of Rs 102.5 million and its shares traded at Rs 20.5, Melstacorp 400,000 shares crossed for Rs 29.6 million; its shares traded at Rs 74, JKH 320,000 shares crossed for Rs 53.1 million; its shares traded at Rs 166 and CTC 36000 shares crossed for Rs 42.4 million; its shares sold at Rs 1160.

In the retail market companies that mainly contributed to the turnover were; JKH Rs 80.6 million (484,000 shares traded), Commercial Bank Rs 58.1 million (695,000 shares traded), HNB Rs 55.1 million (335,000 shares traded), Lanka Lubricants Rs 51.4 million (445,000 shares traded), Lanka IOC Rs 46.6 million (461,000 shares traded), Sampath Bank Rs 39.5 million (581,000 shares traded) and Browns Investments Rs 37.8 million (7.9 million shares traded). During the day 47.1 million share volumes changed hands in 11900 transactions.

Dialog Axiata completed its amalgamation with Bharti Airtel Lanka Ltd. under the applicable provisions of the Companies Act, with Dialog remaining as the surviving entity.

This marks the official cessation of Airtel Lanka as a corporate entity, effective 30 August, with its operational performance fully subsumed and consolidated within Dialog’s financial statements.

Further, Digital Mobility Solutions Lanka Limited, which operates Sri Lanka’s PickMe application for booking taxis, will be publicly listed, the CSE said.

The initial public offer will be by its shareholders selling 43.34 million shares at Rs 36 to get about Rs 1.5 billion. The issue will open on September 13.CT CLSA Capital (Pvt) Ltd and Capital Alliance Partners Limited are advisors. The prospectus will be available on the CSE website from September 03.

Yesterday, the rupee appreciated at Rs 299.10/30 to the US dollar on the previous day, dealers said. Bond yields were broadly steady, they said, and stocks opened up 0.03 percent.

The rupee closed at Rs 298.80/299.00 to the greenback on the previous day. In the secondary market; a bond maturing on 15.12.2026 was quoted at 11.00/15 percent, down from 11.05/20 percent. A bond maturing on 15.12.2027 was quoted stable at 12.00/15 percent. A bond maturing on 01.07.2028 was quoted at 12.85/95 percent, up from 12.80/95 percent. A bond maturing on 12.06.2029 was quoted at 12.95/13.15 percent.



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Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

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The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

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Sri Lanka Food Processors Association holds 29th Annual General Meeting

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The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

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Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

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New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.

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