British American Tobacco (BAT), one of the largest stocks on the JSE, on Wednesday lost a tenth of its value, its biggest fall in more than five years, after announcing to the market it will impair £25bn on its Reynolds American unit.

The big impairment coupled with lower growth estimates saw the stock plunge 10.08% to R532, its second steepest fall since 2008. The move wiped R146bn off the company’s market cap...

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