ITC block deal, May 28 -- Shares of ITC Limited declined 4% in early trade on Wednesday, May 28, following multiple block deals in the counter, wherein British American Tobacco (BAT) likely offloaded a 2.6% stake in the diversified conglomerate, worth nearly Rs.14,000 crore.

According to media reports, 33.25 crore shares, representing a 2.57% stake in ITC, changed hands via block deals at Rs.417 apiece, amounting to approximately Rs.13,900 crore. This was higher than the 2.3% stake BAT said it intended to sell.

Despite the stake sale, BAT will remain ITC's largest investor post-disposal, with a 23.1% stake.

More to come.

Published by HT Digital Content Services with permission from MINT....