The mishap began at 9:16 am, when nearly 20% of the company's equity, or about 2.08 crore shares, suddenly changed hands in a block deal. The stock immediately tumbled as much as 7% in early trade. Minutes later, fresh data suggested that as much as 56% of the company's equity had been traded, sparking speculation about an outsized promoter sale.
By 9:41 am, the company confirmed to the media that a 'punching error' was behind the abnormal spike in volumes. The stock briefly staged a sharp recovery, rebounding nearly 6% higher by 9:53 am. However, the relief proved short-lived, with shares giving up gains within minutes and sliding back into the red.
Later in the day, Clean Science issued a formal clarification to the exchanges, attributing the chaos to a sell-side mistake by a domestic broker. The company said promoters Ashok Boob, Krishnakumar Boob and Parth Maheshwari, along with other promoter group members, had intended to sell up to 24% of their stake through block deals, consistent with an earlier disclosure on July 17.
In the July 17 filing, the promoters had informed exchanges that they were evaluating a minority stake sale, citing family estate planning and liquidity needs, while reiterating their intent to retain majority control in the company. Promoter Siddhartha Sikchi and his family had separately committed to maintain their full 19.79% holding. Post-sale, the aggregate promoter shareholding is expected to remain above 50%. As on June 2025, promoters held 74.97% stake in the company.
Clean Science clarified that broker had erroneously placed sell orders for a significantly higher number of shares than authorised, inflating traded volumes. The broker has told the promoters it is reviewing the incident and will take remedial measures, while the promoters await a detailed explanation.
Clean Science added that apart from this broker error, it is not aware of any other event or information that may have influenced price or volume behaviour in its shares.
Clean Science and Technology is engaged in manufacturing and sale of various types of speciality chemicals at its manufacturing plants situated at Kurkumbh MIDC, Daund, Dist: Pune. The company caters to both domestic and international markets.
On a consolidated basis, net profit of Clean Science & Technology rose 6.26% to ₹ 70.06 crore while net sales rose 8.42% to ₹ 242.87 crore in Q1 June 2025 over Q1 June 2024.
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