Tesco share price continues to fall as Warren Buffett's Berkshire Hathaway reduces exposure to troubled supermarket

Catherine Neilan
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Buffett: He admitted earlier this month his investment in Tesco had been a "huge mistake" (Source: Getty)
Warren Buffett's Berkshire Hathaway has reduced its exposure to Tesco, as the troubled supermarket's share price tumbled further.
Until yesterday the legendary investor had around a four per cent holding, the fourth largest stake in the grocer, but has sold more than 245 million shares, cutting that down to less than three per cent.
That is the lowest level held for some years. The investment vehicle first took a position in Tesco in 2007, as the supermarket planned its ultimately disastrous move into the US.
Buffett spent $2.35bn building that up to a 5.2 per cent stake, including topping up following a profit warning in January 2012.
Tesco's share price has been on a downwards trajectory since it revealed a £250m profit overstatement last month. The stock has fallen from a closing price of 229.6p per share on September 19 to a closing price of 174.65p yesterday.
This morning LON:TSCO tumbled further, and was down 0.5 per cent at its lowest, though it was 0.1 per cent down at pixel time.
Since then, eight executives have left or been suspended by new chief executive Dave Lewis, while an independent investigation takes place.
The Financial Reporting Council and the Financial Conduct Authority are also looking at its accounts.
Tesco is due to publish an update on its investigation when it reveals its interim results on October 23.

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