Clean Science Shares Tumble After Brokerage Avendus Spark’s Block Deal Error

Clean Science and Technology Ltd’s stock plunged nearly 9.3% to ₹1,070.50 on the NSE, hitting a 52-week low, after Avendus Spark, the dealer in a recent block deal, erroneously sold around 60 million shares—more than double the intended 25.5 million shares (24% of promoter stake). The floor price was set at ₹1,030, a 13% discount to the previous close. The massive trade volume—215 times the 30-day average—spooked investors, triggering sharp volatility. Avendus Spark acknowledged the error, stating it is reviewing the matter with priority and has bought back the excess shares to rectify the mistake. The firm affirmed its commitment to governance and accountability. Post-correction, the stock recovered some losses, closing marginally lower. The incident highlights the risks of large-scale block deals and the importance of operational precision in capital markets. With promoter holdings at 74.97% as of June, the episode underscored investor sensitivity to ownership changes and broker accountability.