India's ITC drops as BAT sells bigger-than-planned 2.5% stake

India's ITC ITC.NS sheds 3.2% to 420.25 rupees, top loser on Nifty 50 .NSEI and FMCG .NIFTYFMCG indexes

British American Tobacco BATS.L sells 313 mln ITC shares, or 2.5% stake, at 413 rupees/shr in $1.5 bln block deal

Sale price a 4.8% discount to ITC's Monday closing price

BAT to retain 23.1% stake, remain top ITC shareholder

BAT was planning to sell up to 290 mln shares

*ITC extends YTD losses to 8% vs FMCG index's 1.3% decline

Also this week, IndiGo airlines INGL.NS co-founder Rakesh Gangwal sold 5.7% stake in a $1.4 bln block deal