Tesco’s share price has continued to fall following its latest warning of the supermarket’s worsening trading performance.
The retailer saw one of the biggest declines in the FTSE 100 Index today, and more than £1.3bn was wiped off Tesco’s share value on Friday.
New chief executive Dave Lewis began his first day in the post today, coinciding with the fall in shares of 2% to 226.1p.
This is an 11-year low for the supermarket, which announced on Friday that it would cut its half-year dividend by 75%.
This comes after reports that major shareholder Harris Associates had reduced its stake in the company from 3% to around 1.4%.
Harris Associates revealed over the weekend that it had sold its shares over the last month because the company had become ‘too risky’ to hold such a big position with.
Lewis began work at the retailer today, a month earlier than planned, with the aim of turning the business around.
He joins the company from Unilever, and has promised to review “every aspect of the group’s operations” to save the supermarket giant from a detrimental sales slump.