No impact to the seller owing to execution error: Avendus Spark on Clean Science trade

No impact to the seller owing to execution error: Avendus Spark on Clean Science trade

Avendus Spark Institutional Equities on August 21 admitted there was an "execution error" on the Clean Science and Technology Ltd trade, adding that that there was no impact to the seller owing to the error and neither was there any loss.

"There was an execution error on the Clean Science trade this morning, which is being remediated in line with exchange regulations. There is no impact to the seller owing to this error nor is there any loss on the trade. Our focus has been on resolving the matter promptly and transparently," said Avendus Spark in a statement.

The firm clarified that as a result of an error from broker Spark Avendus, over six crore shares changed hands in the block deal, while only 2.5 crore shares were set to be exchanged. As a result, the stock sank seven percent in morning trade.

However, the company did clarify that 2.5 crore shares, totalling 24 percent of its outstanding equity have been exchanged in a block trade.

In an earlier statement, Clean Science and Technology Ltd said it's awaiting a detailed explanation from Spark.

"We have been given to understand that Spark Institutional Equities Private Limited (SIEPL) has/is taking immediate remedial steps to review the situation and address the matter responsibly. The Sellers have confirmed that actual sale is limited to up to 24%. The Sellers are awaiting a detailed explanation from SIEPL of the reasons and the remedial steps taken by it," said Clean Science in a stock exchange filing.

On August 21, Clean Science shares closed nearly 3% lower at Rs 1,148 apiece.