UK's biggest supermarkets suffer £4bn hit over Asda price war threat [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
Almost £4bn has been wiped off Britain's biggest supermarkets amid fears over Asda's plans to launch a grocery price war as it battles to win back shoppers. Shares in Tesco, Sainsbury's and Marks & Spencer tumbled on Monday, with M&S and Tesco the two biggest fallers on the FTSE 100 index of Britain's biggest listed companies. It came after Asda fired a warning shot to its rivals on Friday, unveiling new plans to push through a “substantive and well-backed programme of investment”. Since the announcement, shares in Tesco have plunged 11.5pc, with Sainsbury's 8.5pc lower and M&S down by 7.5pc. Allan Leighton, who returned to Asda as its chairman last November, said a new “war chest” of investment would help the supermarket gain back customers after years of decline Its market share has slipped to 12.6pc from 14.6pc when it was bought by private equity giant TDR Capital and the Issa brothers in February 2021, according to industry data. The figures published by Kantar suggested
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