FCA to probe Tesco £250m profits accounting error

The supermarket said it would co-operate fully with authorities. Tesco announced on 22 September it had overstated its half year profits by £250m, sending shares tumbling 11% in a day. Year to date, its shares are down 44% and are currently trading at 187p. Last week, the Financial Reporting Council (FRC) said it is "monitoring the situation closely", but would wait until the supermarket's internal investigation is completed. Tesco's in-house investigation will be conducted by Deloitte, together with Freshfields, the group's external legal advisers. The group has already suspend...