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Shares of Tribhovandas Bhimji Zaveri (TBZ) today plunged 18 per cent in morning trade as HSBC Global Investment Funds sold 12.7 lakh shares of the jewellery retail company for about Rs 32 crore.
After making a weak opening, the stock tanked 16.53 per cent to Rs 208.80 as trade progressed on the BSE.
The fall was more steep at NSE, where the scrip tumbled 18 per cent to Rs 205.
HSBC Global Investment sold 7,31,877 shares on NSE and 5,39,000 shares on BSE yesterday at an average price of Rs 250 per share. The company, however, did not disclose the name of the buyers.
HSBC Global Investment Funds held 6.09 per cent stake in TBZ at the end of the December 31, 2012 quarter, according to BSE shareholding data.
In the stock market, the BSE benchmark Sensex was trading at 18,726.37, down 66.90 points in afternoon trade.
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