BAT in Biggest Gain Since 2020 on Plan to Sell Stake in ITC (2)

British American Tobacco Plc’s shares rose the most in nearly four years after it said it was trying to overcome regulatory hurdles to sell at least part of its stake in Indian company ITC, valued at more than £14 billion ($17.7 billion).

BAT has “been actively working for some time on completing the regulatory process required to give us the flexibility to monetise some of our shareholding,” it said in full-year results, released Thursday.

ITC is India’s biggest cigarette maker but the company has diversified into other businesses including luxury hotels. BAT owns a 29% stake.

Chief Executive ...