Tribhovandas Bhimji Zaveri (TBZ) has tanked 13% to Rs 218 in morning deals, after HSBC Global Investments sold around 2% of its stake in the company at a price of Rs 250 per share through open market transaction.
“HSBC Global Investments Funds Mauritius has sold a total 1.27 million shares representing 1.91% of equity of the company for Rs 32 crore via bulk deals on BSE and NSE on Thursday,” TBZ said in a regulatory filing.
HSBC Global Investments Funds Mauritius has sold 731,877 shares on NSE and 539,000 shares on BSE on Thursday at an average price of Rs 250 per share. The company however, not disclosed the name of the buyers.
HSBC Global Investments Funds Mauritius held 6.09% stake in TBZ at the end of December 31, 2012 quarter, the BSE shareholding pattern data shows.
The stock opened at Rs 247 and hit a low of Rs 207 on the NSE. A combined 171,902 shares have changed hands on the counter till 1015 hours on NSE and BSE.
