Clean Science shares see sharp swings after ‘punching error’ triggers extraordinary volumes

Shares of Clean Science and Technology Ltd. recovered from the opening lows after the company clarified to CNBC-TV18 that a punching error led to the stock witnessing extraordinary trading volumes.The company told CNBC-TV18 that a punching error from Spark Avendus led to as many as 6 crore shares change hands in the large trade, which was supposed to see 2.5 crore shares change hands.

The stock fell as much as 7% in early trading before the recovering from those levels and turning positive to gain as much as 6%. The 6 crore shares changing hands would have meant 56% of the outstanding equity having changed hands.

As many as 2.5 crore shares, or 24% of the company’s outstanding equity have changed hands in the block deal, the company confirmed to CNBC-TV18.Buyers and sellers, along with further details of the transaction are unknown.

Here’s a timeline of the events that took place:

• 9:16 AM: 20% equity or 2.08 crore shares change hands
• 9:16 AM: Stock falls as much as 7% in early trade post block deal
• 9:28 AM: Data suggests 56% equity changed hands
• 9:41 AM: Management confirms to CNBC-TV18 that ‘punching error’ caused extraordinary volumes
• 9:41 AM: Management confirms to CNBC-TV18 that only 24% was the block size
• 9:53 AM: Stock recovers as much as 13% from day’s low to trade 6% higher
• 9:57 AM: Stock gives up all the gains and is back to trading with losses

“In relation to the Clean Science block deal, we are reviewing the facts with utmost priority and remain fully committed to addressing this matter responsibly and in line with the highest standards of governance,” Avendus Spark told CNBC-TV18 in an official statement.On Wednesday, August 20, CNBC-TV18 reported, citing sources that promoters Ashok and Krishna Boob were likely to sell 24% stake in Clean Science and Technology Ltd. via block deals.

As of June 30, Clean Science’s promoters held 74.97% stake in the company. Ashok Boob held 12.8% stake, while Krishna Boob held 2.6% stake in individual capacity. Meanwhile, Krishnakumar Ramnarayan Boob HUF held 3.04% stake in the company.

Shares of Clean Science ended 2.8% lower, having gained as much as 7% after a recovery from a 7% fall initial trade. Ahead of today’s session, the stock had gained 31% from its IPO price of ₹900 per share, but had declined 28% from its listing high of ₹1,643 apiece.

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