Clean Science Stock Sinks After Avendus Spark Punches Sell Trade Twice

Shares of Clean Science and Technology Ltd. hit a 52-week low on Thursday after a broker to a block deal erroneously sold twice the equity on offer. The promoter sold equity via large trades.

The dealer to the transaction, Avendus Spark sold extra shares in the open market. Sources told NDTV Profit that the broker will compensate for the extra shares sold in the trade.

Around 90 million shares were traded in block deals compared to 25.5 million (24% equity) planned.

The floor price of the offer was Rs 1,030 apiece, a nearly 13% discount to Wednesday's closing price, according to Bloomberg. The promoter stake is 74.97% as of June.

Clean Science share price declined 9.3% intraday to Rs 1,070.5 apiece on the NSE. The benchmark Nifty 50 was up 0.07%.

Avendus Spark said in a statement that they 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".

The total traded volume so far in the day stood at 6,343 times its 30-day average. The relative strength index was at 31.

On the BSE, the total traded value was Rs 6,953 crore.

The stock has fallen 19% in the last 12 months and 26% on a year-to-date basis.

Eight out of the 14 analysts tracking Clean Science have a 'buy' rating on the stock, two recommend a 'hold' and four suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price target implies a potential upside/downside of 35%.