The BJP has accepted the people's mandate and decided to sit in the Opposition.
Speaking to the press a few minutes ago, BJP President M Venkaiah Naidu, accompanied by NDA convener George Fernandes, said the party would bow to the wish of the people.
A Cabinet meeting will be held at 5 pm Thursday after which Prime Minister Atal Bihari Vajpayee will meet with President A P J Abdul Kalam and tender his resignation.
The BJP will meet at 11 am on Friday, May 13, to analyse the election's results and decide its course for the future.
Meanwhile, Naidu said, party leader Arun Jaitley would be flying to Bangalore. Karnataka is looking a three-cornered result in the assembly elections and Jaitley will oversee the party's future course of action in the state.