Indian Broker Avendus in Hot Water After Botching Share Sale

Indian brokerage firm Avendus Spark faced backlash after making a significant error during a share sale of Clean Science & Technology Pvt. The blunder, which could be one of the largest "fat-finger" mistakes in India in recent years, resulted in the sale of shares at significantly discounted prices. The incident occurred during the initial public offering (IPO) of Clean Science & Technology, a specialty chemicals company. Avendus Spark, the lead manager for the IPO, accidentally entered incorrect share prices, leading to the sale of shares at prices much lower than the intended offering price. The error caused significant losses for the company and its investors, as well as raising concerns about the reliability and oversight of the Indian stock market's share sale process. Avendus Spark has faced scrutiny and criticism from regulators and market participants over the incident, which is likely to have lasting repercussions for the brokerage firm and the broader Indian financial sector.