Indian Broker Avendus in Hot Water After Botching Share Sale
Avendus Spark was only authorized to sell a 24% stake in the chemical firm through block trades but placed sell orders for a 'significantly higher number of shares,' Clean Science said in a statement on Thursday. The statement didn't specify the scale of the error but 59.8 million shares, or 56% of the company's outstanding stock, were traded in the market's opening minutes for 65.4 billion rupees ($749 million), according to data compiled by Bloomberg.
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