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ITC stock slumps 4% after BAT reiterates intention to sell partial stake
BAT has been an investor in ITC since the early 1990s, and it presently owns a little over 29% stake in the tobacco-to-hotels major. In December last year, BAT’s chief executive Tadeu Marroco had indicated the possibility of selling a partial stake in ITC, which has more than doubled in value in the last two years.