The stock market value of cigarette makers British American Tobacco (BAT) and Imperial Brands slipped by a combined GBP 8.6 billion (EUR 9.8 billion) after US regulators proposed a ban on menthol cigarettes and most flavoured e-cigarettes, The Guardian reported.

BAT shares had slipped by 10.6 per cent by the end of FTSA 100 trading on Monday, sending the multinational’s market value tumbling from GBP 76 billion to GBP 68 billion. GBP 600 million (EUR 685 million) was wiped off the market value of Imperial Brands as its share price fell by 3 per cent. Shares in Philip Morris International and Altria, which owns Philip Morris USA, had fallen by 1 per cent and 1.9 per cent respectively on the New York stock exchange by midday.
Menthol cigarette sales in the US account for around one-quarter of BAT profits and around 15 per cent of profits generated by both Imperial Brands and Altria, The Guardian reported.
The US Food and Drug Administration last week proposed a ban on menthol cigarettes, which could take up to two years to enforce, and a ban on the sale of most flavoured e-cigarettes currently on sale across the US, the newspaper said.