Tesco shares hit rock bottom

Tesco shares have hit an 11-year low last night after newly appointed chief executive Dave Lewis refused to reveal his business plans for the struggling supermarket.

In the company trading update yesterday, it revealed profits had plummeted 92% to £112m in this half of the year, after which investors piled out of the declining retailer.

Tesco shares tumbled by 6.5% yesterday to 171p at market close. Its share price has halved in the past year.

The skies have darkened over Tesco as it has continued to lose the supermarket battles over price, offers and market changes.

Yesterday the retailer revealed the gaping hole in its profits to be at £263m- more than it had originally predicted. Tesco is also refusing to give any profit guidance for its full financial year.

For a full account on Tesco’s financial situation after yesterday click here. 

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