Tesco shares fall as FCA opens 'full investigation' into profit debacle

Anna Fedorova
clock • 1 min read

Tesco has said the Financial Conduct Authority (FCA) has started an investigation into its accounting error, after the supermarket revealed last month it had overstated its half year profits by £250m.

In a statement this morning, Tesco confirmed the FCA had launched a full investigation into the incident. It said: "The Financial Conduct Authority (FCA) has notified Tesco that it has commenced a full investigation following the overstatement of expected profit for the half year which was described in our announcement of 22 September 2014 and which is currently the subject of an independent review by Deloitte." Tesco announced on 22 September it had overstated its half year profits by £250m, sending shares tumbling 11% in a single day. Today's announcement sent shares down a furth...

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