THE turmoil at Tesco has triggered a fresh sale of shares by investor Warren Buffett after he labelled his investment in the chain a "huge mistake".
The billionaire's Berkshire Hathaway investment firm has reduced its position in Tesco to below 3 per cent having previously held a stake of around 5 per cent. It was down to 3.2 per cent earlier this week before today's regulatory disclosure.
In a recent interview, Mr Buffett said: "I made a mistake on Tesco. That was a huge mistake by me."
Tesco's shares have slumped 50 per cent since February after a series of profit warnings and last month's revelation that it had overstated its profits estimate to the City by as much as £250m. Eight senior executives are suspended so an inquiry into the error can take place.
Tesco is currently worth around £13.9bn, valuing a 3 per cent holding at £419m. Berkshire Hathaway began building its stake in Tesco in 2006.
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