Shares of speciality chemical manufacturer Clean Science and Technology Ltd tumbled over 7% in early trade on Wednesday, August 21, after a massive block deal hit the markets. A total of 20,844,522 shares changed hands at an average price of ₹1,124 per share, valuing the transaction at ₹2,342.92 crore. The stock opened weak and slipped to ₹1,103.30 on the NSE, down 6.56% from its previous close of ₹1,180.80.
The transaction follows earlier reports suggesting that company promoters Ashok Boob and Krishna Boob were planning to offload up to 24% stake in Clean Science via block deals. The share sale was expected to raise around ₹2,626 crore, with a floor price set at ₹1,030 per share, which represented a 13% discount to the then-prevailing market price.
Clean Science and Technology, headquartered in Pune, is among the select global players focused on developing sustainable technologies through in-house catalytic processes. The company manufactures functionally critical speciality chemicals, FMCG chemicals, and pharmaceutical intermediates that are used by large multinational clients across industries.
Despite its strong market position and eco-friendly business model, investors reacted cautiously to the large promoter stake sale, leading to sharp intraday volatility. At current levels, Clean Science shares are trading close to their 52-week low of ₹1,091.10, significantly below the high of ₹1,643.95 touched earlier this year.
Market experts say while the block deal provides liquidity for promoters and institutional investors, near-term pressure on the stock could persist until clarity emerges on the new shareholder mix and demand outlook for speciality chemicals.
