Reuters

(Reuters)

Botched Trade Causes Apple Stock to Briefly Dive

By Features FOXBusiness

Shares of tech titan Apple (AAPL) tumbled more than 7.5% at one point Wednesday morning, but the move was apparently the result of a botched trade.

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Apple’s selloff was alarming because it did not appear to be triggered by any new developments and it appeared to briefly wipe out $24 billion from the company’s tech-leading $322 billion market cap.

Apple’s stock sank to an intraday low of $321.87 and Reuters data show there was just one trade of 100 shares at that price made on the BATS-Y Exchange.

"The trade was busted under BATS clearly erroneous trade policy," a BATS spokesperson told FOX Business. 

It’s not clear what caused the trading error.

Shares of Apple recovered from the loss and were recently up 0.21% to $348.74. The stock has rallied almost 8% this year and 34% from a year ago.

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There have been a number of times major market exchanges have been forced to cancel botched trades since last year’s so-called Flash Crash, which wiped out nearly 1,000 points and $1 trillion of market capitalization from the Dow Jones Industrial Average in a mysterious selloff.

Apple was the subject of a similar unusual drop in its stock price on February 10.

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