British American Tobacco (BAT) shares shed more than 7% on Tuesday, logging their worst one-day decline in more than a year, on a report that the Biden administration is mulling proposals to cut the amount of nicotine in cigarettes to non-addictive levels.

The proposals, if carried out, could undermine sales prospects for multinational global tobacco companies. BAT shares dropped to R537.63, wiping off just more than R80bn in market value on Tuesday...

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