Buffett cuts Tesco stake after profit slump

Billionaire investor Warren Buffett has cut his stake in Tesco, days after the food retailer posted a major profit slump.

At the beginning of the month Tesco reported a 68% decline in profit earnings from mainland Europe for the first half of the year. Buffett's Berkshire Hathaway subsequently cut its stake in the supermarket chain from 4.98% to 3.98% on 16 October, according to stock market filings. The share price of the food retailer tumbled from a high of 378p on 18 September as low as 355p on 9 October following its H1 results, before regaining ground to trade at 372p currently. Buffett's move saw him sell off around £300m worth of shares in the group, which has a total market capitalisation of o...