Tesco suspends four top executives after revealing profit overstatement

Tesco has suspended four of its senior executives after revealing that it overstated its profits by £250m.

Shares in the supermarket giant have fallen by almost 9%, after the company announced its third profits warning in three months.

Last month the company said it had made a profit of £1.1bn between March and August, but now says that estimate was far too high.

It has now announced that four of its senior executives - including its managing director in the UK - have been suspended as it launches an inquiry.