The Tel Aviv Stock Exchange (TASE) held its breath on Sunday when shares in Israel Corporation, one of the country’s biggest, suddenly sunk by 99.9% – due to a typographical error.
The official explanation was that during a transaction, a trader who wanted to sell shares in another company accidentally entered Israel Corp. instead, Globes reported.
Once the error was discovered, the transaction was canceled, but not before Israel Corporation was temporarily wiped off the boards, and the TA-25 index was brought down by 2.5%. The incident triggered an automatic fail safe that briefly shut down trading.
Israel Corp. is Israel’s largest holding company, dealing mostly in fertilizers and specialty chemicals.
The fiasco occurred about noon, but by 2:45 p.m., the TASE-25 had made an almost complete recovery.