Typo causes Israeli firm to plummet on stock exchange
The value of an Israeli company dropped by millions of pounds after a trader made a typo.
Israel Corporation, Israel’s largest holding company, formerly headed by London-based Idan Ofer, saw its value plummet by over 99 per cent minutes after the mishap last Sunday afternoon.
The trader, who is believed to be a Tel Aviv Stock Exchange (TASE) member, intended to sell shares of another company but typed in ‘Israel Corporation’ by mistake. Due to the disparity in prices, the third-largest company on the exchange saw its opening value fall from around £300 (NIS 1690) per share to £0.37 (NIS 2.10) per share, according to JPost.
The unnamed trader quickly cancelled the transaction.
The TASE temporarily stopped trading after the mistake was discovered and resolved the problem later that afternoon.
According to a report on Globes, which reports on Israeli business affairs, there have been requests to cancel flawed transactions.