FTSE 100 falls, led down by Tesco shares
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(Close): Shares in Tesco dragged the London market lower.
The retailer's shares plunged as much as 17% earlier, to their lowest level in 14 years, before recovering somewhat to 6.6% lower at 174.9p.
That followed a warning from the supermarket that full-year profit would be substantially below market expectations.
Overall, London's FTSE 100 main share index fell 2.14%, or 142.68 points, to 6,529.47.
"While most investors are focusing heavily on the bad news, uncertainty and panic can create exceptional opportunities for long-term value investors like us," said Ian Kelly, a European Equities fund manager at Schroders, Tesco's eighth-biggest shareholder.
On the upside, shares in G4S rose 2.1% after Credit Suisse raised its target price for the stock to 320p from 245p and moved it to an 'outperform' rating from 'neutral'.