Indian Broker Avendus in Hot Water After Botching Share Sale

Indian broker Avendus Spark is under fire after botching a share sale of Clean Science & Technology Pvt., in what could be one of the country’s biggest fat-finger mistakes in years.

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 early Thursday. In a statement after the close of markets, Avendus Spark admitted to an execution error in the trade and that it was being “remediated” in line with exchange regulations. There was no impact to the seller, it added.