Shares of ITC Hotels traded flat after a large block deal in which 18.75 crore shares , representing about 9% of the company’s equity, changed hands for ₹3,856 crore. The shares were transacted at ₹205.65 each. British American Tobacco (BAT) is likely the seller, as part of its strategy to reduce debt and exit a non strategic asset. BAT, the second-largest shareholder in ITC Hotels, had inherited its stake during ITC’s demerger of the hotels business earlier this year.