**Title:** Avendus Spark Faces Backlash Over Major Share Sale Error
**Meta Description:** Avendus Spark’s mishandling of Clean Science’s share sale raises concerns, with significant trading errors impacting the market.
**URL Slug:** avendus-spark-share-sale-error
**Headline:** Avendus Spark Under Scrutiny After Major Error in Clean Science Share Sale
Avendus Spark, an Indian brokerage, is facing significant criticism following a major blunder in the share sale of Clean Science & Technology Pvt. This incident is being described as one of the largest trading errors in recent years in India. The brokerage was authorized to sell only a 24% stake in the chemical company through block trades but mistakenly placed sell orders for a much larger quantity of shares.
In a statement released on Thursday, Clean Science confirmed that the error led to the trading of 59.8 million shares, which accounts for 56% of the company’s total outstanding stock, during the initial minutes of market trading. This mishap resulted in transactions worth approximately 65.4 billion rupees ($749 million).
Avendus Spark, which was established after Avendus Capital Pvt. acquired Spark Institutional Equities Pvt., is reportedly taking immediate steps to address the situation responsibly. Clean Science noted that the brokerage is conducting a thorough review of the circumstances surrounding the block trade. In a separate communication, Spark emphasized its commitment to resolving the issue with the highest priority, although it did not provide specific details regarding the nature of the error.
As a result of the incident, shares of Clean Science experienced a decline of up to 9.3% before recovering slightly to close 2.7% lower in Mumbai.
In related news, Mizuho Financial Group Inc. is reportedly nearing a deal to acquire a majority stake in Avendus Capital, as reported in June.
**FAQ Section:**
**What led to the trading error by Avendus Spark?**
Avendus Spark mistakenly placed sell orders for a significantly higher number of shares than authorized, resulting in a major trading error during the share sale of Clean Science & Technology Pvt.
