Tribhovandas Bhimji Zaveri (TBZ) is literally pummeled to pulp today; the stock opened lower at Rs.247 and it is currently down 13% at Rs.217.80. Intra day low is at Rs.212.35.

The stock is down on reports that 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. Identity of the buyer is not yet known. As at 31^st Dec 2012, HSBC held 6.09% stake in the company.