ITC shares slip over 5% after BAT’s Rs 11,600 crore stake sale plan

ITC shares experienced a decline of over 5% following reports that British American Tobacco (BAT), the largest shareholder, plans to sell a 2.3% stake in the company through a block deal valued at over Rs 11,600 crore. This sale will reduce BAT’s holding in ITC to 23.1%, with the Indian government becoming the largest shareholder group.