Clean Science block deal hit by execution error at Avendus Spark

A block sale of Clean Science stock was disrupted after Avendus Spark admitted to an execution error while offloading the promoters' 24% stake, triggering heavy trading and volatility

A block sale of Clean Science and Technology stock went awry on Thursday after Avendus Spark Institutional Equities admitted to an “execution error” while offloading the promoters’ 24 per cent stake.  

 

The glitch — widely dubbed a “fat-finger” mistake — caused sell orders to be placed for far more shares than the intended 24 per cent, sending the counter into a tail-spin.

 

Trading volume exploded to 95.7 million shares, 29 times the 30-day average of 3.3 million. The scrip plunged as much as 9 per cent before paring losses to close at ₹1,148.5, down 2.76 per cent.

 

Avendus Spark said the error “has been remediated in line with exchange regulations” and stressed that “there was no impact to the seller and no loss on the trade”. 

Clean Science, in its exchange filing, confirmed that the actual sale remains capped at 24 per cent and that the banker is taking “immediate remedial steps”.

 

Later data released by stock exchanges showed that four individuals belonging to the promoter group offloaded

a total of 25.48 million, or 23.98 per cent, stake at around ₹1,080 apiece to raise ₹2,750 crore. Among the buyers were SBI Mutual Fund (MF), Nippon India MF, Norges Bank, and Bajaj Allianz Life.

 

Data also showed Avendus Spark had sold and bought 32.21 million shares, equating to 30.32 per cent stake.