Clean Sciences shares up 13% from lows; Co says 'punching error' triggered extraordinary volumes

Shares of Clean Sciences 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.

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.

Sources said the share sale was likely to raise ₹2,626 crore and the floor price was set at ₹1,030 crore, a 13% discount to Wednesday's close.

As of June 30, Clean Sciences' 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.

Clean Science's June quarter revenue increased 8% to ₹240 crore and its EBITDA was up ₹5% and its net profit was up 6%.

Its margins contracted to 41.7% from 42.8% in the year-ago period.

Shares of Clean Sciences are currently trading 0.8% higher, having gained as much as 7% at ₹1,180. 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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