Watchdog to probe Tesco accounting scandal

The financial watchdog in Britain has launched a full probe into the Tesco accounting scandal, which has wiped £4bn (€5.1bn) off the troubled grocer’s stock market value.

“Tesco will continue to co-operate fully with the Financial Conduct Authority and other relevant authorities considering this matter,” the company said yesterday.

Tesco — the UK’s biggest grocer and the world’s third biggest retailer — announced last week that it had overstated first-half profit by £250m — effectively its third profit warning in two months.