ITC Declines as Biggest Shareholder BAT Mulls Selling Stake
- BAT seeking to complete regulatory process for monetization
- Cigarette maker fell 4% to 414.55 rupees on Thursday
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ITC Ltd., an Indian conglomerate whose biggest revenues come from tobacco, fell to its lowest level in nearly nine months after its largest shareholder British American Tobacco Plc said it’s considering to sell its stake in the company.
The shares fell 4% to 414.55 rupees after going ex-dividend Thursday. BAT holds about 29% stake in the tobacco-to-hotel conglomerate.