Not surprisingly, TCS is the top loser on the BSE currently, down almost 5% at Rs.2908. In the opening bell session, it went down 5.5% to Rs.2885.

The stock is down obviously because Tata Sons is selling part of its stake through multiple block deals on the bourses.

Tata Sons is selling 2.83 crore shares of TCS, which is about 1.48% stake. It has set itself the price band for selling between Rs.2872 and Rs.2925/share.

Unconfirmed news is that Tata Sons is selling stake to raise funds to pay off debt created on its wireless unit and also to hike its stake in some other units to reduce cross holdings.