Shares of Clean Science and Technology Ltd. witnessed heavy swings on Thursday after an unusual surge in trading volumes. The stock initially fell 7% in early trade, only to recover sharply and turn positive with gains of nearly 6% intraday.
The volatility came after the company clarified to CNBC-TV18 that a punching error had triggered extraordinary activity. The error, caused by Spark Avendus, led to 6 crore shares changing hands instead of the intended 2.5 crore shares.
Massive Block Deal
The mistaken trade meant that nearly 56% of the company’s outstanding equity had seemingly exchanged hands. However, the company clarified that the actual intended deal involved 2.5 crore shares, equal to 24% of outstanding equity.
Despite the clarification, details of buyers and sellers remain undisclosed, leaving the market awaiting further clarity on the transaction.
Also Read: Angel One Shares Drop Over 6% After SEBI Remarks
Market Insights
Extraordinary volumes can trigger short-term volatility but often stabilize once clarity emerges.
Such incidents highlight the importance of strong risk controls in block deals.
Clean Science remains a closely watched stock due to its role in the specialty chemicals sector.
Market Update & Key Insights
Stock fell 7% but recovered with intraday gains of 6%.
Error caused 6 crore shares (vs. 2.5 crore intended) to trade.
Nearly 24% of company equity legitimately exchanged in the deal.
Uncertainty remains on counterparties to the block deal.
Click here to explore: Clean Science
