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Tesco shares slump after raised profit error

Tesco shares closed the day 6.5% down after the firm announced that its profits have been overstated by £263m.

That is up from an initial estimate made last month of £250m.

Those figures were released along with results for the first half of the financial year. They showed underlying profits slumped to £783m, down almost 47% on the previous year. Sales continued to fall.

Tesco also announced that chairman Sir Richard Broadbent would be leaving.

The BBC's business editor Kamal Ahmed reports.

  • 23 Oct 2014
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