Stuart Winer is a breaking news editor at The Times of Israel.
An analyst checks the numbers on the Tel Aviv Stock Exchange (Photo credit Meir Partush/Flash90)
A typing error caused the value of one of Israel’s largest companies to instantly drop over 99% in value Sunday, dragging the Tel Aviv stock exchange down several points before the mistake was discovered and fixed.
The Israel Corporation saw its value plummet by 99.88% in a matter of minutes around noon on Sunday, bringing the TA-25 index down by 2.5% and triggering an automatic fail safe that shut down trading for a short time.
The catastrophic mistake was apparently caused during a transaction by a trader who wanted to sell shares in another company but accidentally entered Israel Corp. shares instead, Globes reported.
The transaction was canceled, but in the meantime trading ground down to just 84% of the daily average.
Israel Corp. is Israel’s largest holding company, primarily dealing in fertilizers and specialty chemicals.
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As of 2:45 p.m. the TASE-25 had made an almost complete recovery.
A chart showing the TA-25 making a sharp drop. (Screenshot: Tase.co.il)
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