Typo sends Israel Corp. plunging 99% on TASE

Market sources believe that a typo was made by a TASE member, which wanted to sell shares in another company.

The share price of Israel Corporation (TASE: ILCO) fell 99.88% for a few minutes today, activating the fluctuation breaker under Tel Aviv Stock Exchange (TASE) rules. At the moment, requests have been received to cancel erroneous transactions in the share.

Before the deals are canceled, the average daily transaction is down 84%.

Market sources believe that a typo by a TASE member, which wanted to sell shares in another company, placed a large sale order for Israel Corp. The mistake caused a 2.5% drop in the theoretical price of the Tel Aviv 25 Index.

Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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