Clean Science Tech witnesses wild swings in stock price, volumes; here is exactly what happened

The stock, which was slated to see a block deal in the pre-open session, witnessed an extraordinary volume due to a fat-finger error.

The stock crashed as much as 9.3% to ₹1,070.50 on the NSE in the early deals as data showed that a total of six crore shares changed hands. This was three times the block size expected.

After the sharp fall, the stock turned positive too for a brief period.

However, the company later clarified that the punching error by Spark Avendus led to extraordinary volume and that the stock saw a block deal of 24% equity only.

Block deal details

Earlier, news reports suggested that promoters of speciality chemical manufacturer Clean Science and Technology Ltd, Ashok Boob and Krishna Boob, were likely to sell up to a 24% stake in the company through block deals.

The share sale was expected to raise about ₹2,626 crore, with a floor price set at ₹1,030 per share. The floor price represents a 13% discount to the current market price (CMP), said a report by CNBC-TV18.

Last seen, shares of the company were trading at ₹1,132.60, down over 4% on the NSE.

The block deal data is yet to be updated on the exchanges.

About Clean Science & Technology Ltd

Clean Science & Technology made a solid debut at the bourses in July 2021. The company's share price opened with a massive 98% premium on July 19, 2021.

Experts were positive about the company's issue given its robust financials with industry-leading return ratios, diversified product portfolio, strong focus on the environmental, social, and corporate governance (ESG) front, consistent R&D initiatives, and strong client base.

The stock price started trading at ₹1,784.40, higher by ₹884.40, or 98.27%, over the issue price of ₹837 on the BSE.

Clean Science manufactures functionally critical speciality chemicals such as performance chemicals, pharmaceutical intermediates, and FMCG chemicals.