British multinational British American Tobacco (BAT) has reduced its stake in Indian conglomerate ITC Ltd by 2.3% through a block deal worth Rs. 11,613 crore (USD 1.36 billion). The sale involved 29 crore shares of ITC at a floor price of Rs. 400 per share, representing a discount of about 7.8% from the company's previous closing price. The move is part of BAT's strategy to increase financial flexibility and focus on its transformation goals, including deleveraging and sustainable shareholder returns.