€4bn wiped off Tesco shares

SHARES in Tesco yesterday plummeted to their lowest point in 24 years, with around £4 billion (€4.8bn) wiped off their value, as the company reported a significant under-performance in its core British sales over the festive period.

The grocery giant saw group sales increase by more than 5% during the Christmas period, but a significant decline in its British sales have led the chain to warn that profits will be lower than anticipated this year.

The company’s share price fell by as much as 15% on the back of its latest trading update, which was issued yesterday, with one London-based analyst describing it as “something of a profit warning for the year”.