The maker of Lucky Strike and Pall Mall cigarettes says its smoking business in the US is dying out.
British American Tobacco (BAT) wrote off £25bn ($31.5bn) in value due to the changed outlook for brands such as Newport and Camel.
The move cut the brands’ worth by more than a third, and sent the company’s share price down more than 8%.
BAT cigarette sales have struggled as US smoking rates fall and buyers turn to vapes and other alternatives.
Demand for its brands has also dropped as buyers squeezed by higher prices prioritise other purchases or opt for cheaper packs.
Source : BBC