As a result of the sell-off the stock plunged 9.8% to settle at Rs 22.05. 98.5 lakh shares changed hands in the counter on BSE.

In fact, the huge offloading of shares by the parent was at a much lower price compared to a price of Rs 28.40 at which it had sold 7 lakh shares on Monday (19 September 2005) in the open market.

Timex’s parent Timex Watches BV is reducing its stake in Timex Watches to bring down its holding to below 75% in order to comply with the recent guidelines issued by the Securities and Exchange Board of India (SEBI) in this regard. On 26 August 2005, Sebi said listed companies should raise their non-promoter holding to a minimum 25% within a period of two years. It was on Friday (16 September 2005) that the parent made it public its intention to reduce its stake in Timex Watches in order to comply with the Sebi guidelines.

Meanwhile, Reliance Mutual Fund which has been mopping up Sunflag Iron & Steel Company today bought 16.5 lakh shares of the scrip at Rs 22.73 on BSE. Interestingly, the fund has been mopping up the stock at rising price level of the scrip. Earlier, Reliance Mutual Fund bought 25 lakh shares of Sunflag Iron & Steel Company at Rs 19 per share on 5 September 2005. On 12 September, Reliance Mutual Fund bought additional 15.03 lakh shares at a higher price of Rs 21.53.

Templeton Mutual Fund sold 3 lakh shares of Birla Global Finance at Rs 185.01 in a block deal today. HSBC Global Investment Fund acquired 2.4 lakh shares from Templeton.

Foreign fund Arisaig Partners Asia bought 3 lakh shares of Eicher Motors at Rs 300 in a block deal from Templeton Mutual Fund.

In another block deal, foreign fund Passport India Investments bought 2.03 lakh shares of United Breweries at Rs 653 from another foreign fund Goldman Sachs.

CLSA Merchant Bankers sold 11.7 lakh shares of Mphasis BFL at Rs 256 on BSE in a block deal. The identity of the buyer was not known.

Founders Asset Management sold 1.61 lakh shares of Mount Everest Mineral Water at Rs 66.51 on BSE.

Prudential ICICI bought 2.6 lakh shares of OCL India at Rs 140 whereas Reliance Mutual fund bought 3.06 lakh shares of Polyplex Corporation at Rs 245.

BNP Paribas sold 4 lakh shares of Videocon International at Rs 90.67 on BSE.