New Delhi, May 28 -- ITC share price declined almost 5 per cent in intraday trade on the NSE on Wednesday, May 28, following a block deal through which British American Tobacco (BAT) offloaded roughly 2.5 per cent of ITC's total shares.

ITC share price opened at Rs.417.70 against its previous close of Rs.433.90 and dropped 4.82 per cent to an intraday low of Rs.413. However, it pared losses later and around 1:25 PM, the blue-chip stock traded 1.36 per cent down at Rs.420.25.

According to a term sheet reviewed by Mint, BAT offloaded a $1.5 billion (approximately Rs.12,926 crore) stake in ITC Ltd on Wednesday, more than it had announced earlier. BAT on Tuesday said it planned to sell a 2.3 per cent stake in ITC by offloading 290 million s...