Poor Christmas hits Tesco shares

Tesco saw billions of pounds wiped from its shares today after the supermarket admitted it messed up its pricing strategy in a “disappointing” Christmas.

The blue-chip stock slumped by an unprecedented 15% – equivalent to more than £4bn (€4.8bn) – after chief executive Philip Clarke said the grocer had failed to pull in enough customers with its £500m (€600m) Big Price Drop campaign.