Mumbai, India – Clean Science and Technology Ltd. (NSE: CLEAN) saw its stock price hit a new 52-week low today, as promoters of the specialty chemical company offloaded a substantial stake through a block deal.
The stock opened sharply lower and fell by as much as 9% to an intraday low of ₹1,070.50 after reports surfaced that promoters Ashok Boob and Krishnakumar Boob were selling a combined 20% to 24% equity stake. The sale, valued at over ₹2,300 crore, was executed at a discount to the previous day’s closing price. A block deal is a single large transaction of at least 5 lakh shares or shares worth at least ₹10 crore, typically executed between institutional investors.
The move was not entirely unexpected, as the company’s management had previously hinted at the possibility of a minority stake dilution for family estate planning purposes. Following the news, the stock saw a dramatic increase in trading volume, experiencing significant volatility before settling down.
This latest development marks a continuation of the stock’s recent downtrend, which has seen its value decline by over 24% in the last year. Despite the recent turbulence, Clean Science, a leading manufacturer of specialty chemicals for various industries, continues to hold a market capitalization of approximately ₹12,212 crore.