Tesco Shares Tank Again Despite Ex-M&S CFO Alan Stewart's Fast Tracked Appointment

Tesco shares continue to tumble on 23 September despite the troubled British retailer revealing that it has parachuted in the former chief financial officer for Marks & Spencer, Alan Stewart, to help turnaround the company.

The Tesco stock price fell by another 2.3% to 198.20p in early trading after plunging over 11% in the previous session.

Tesco, which announced that it had overstated its profits by £250m (€318m, $409m), brought in Stewart more than two months ahead of schedule after Laurie McIlwee left just over a week ago, following his resignation in April.

Tesco had already cut its full-year profit forecast from £2.8bn to £2.4bn in August.

It has also since suspended four executives, including UK managing director, Chris Bush, while media reports have speculated that the others include food commercial director John Scouler and the head of food sourcing, Matt Simister.

These names have not been confirmed.

Tesco has also launched an internal investigation, led by Big Four accountancy Deloitte.