Tesco found itself in serious turmoil on Monday after it admitted first-half profits were "over-stated" by £250 million, immediately plunging to the bottom of the FTSE 100.
The supermarket has vowed to investigate how its profit forecast was inflated and said four executives have been asked to step aside while the investigation continues. One of them is thought to be UK managing director, Chris Bush, but Tesco has so far refused to provide details.
The latest episode in the supermarket's annus horribilis has left City analysts "flabbergasted" and increased the pressure on chairman Sir Richard Broadbent- with some calling for his resignation. But Twitter users are taking great pleasure in Tesco's demise, which has seen its share price tumble 40 per cent in the past 12 months:
Tesco call in Fred Goodwin's RBS auditors so I think we can assume Tesco execs will get all clear— Denis MacShane (@DenisMacShane) September 22, 2014
In 2012/13, it was horsemeat in the lasagne, now it's horse manure in the financials; #Tesco adulteration of results sees 4 suspensions.— Seán Flynn (@SharesMagSean) September 22, 2014
Preparing for a trip to Tesco. Taking three auditors from Price Waterhouse Coopers to help work out all the vouchers #madness— Mike Graham (@Iromg) September 28, 2013
In the wake of their £250m "accounting" error, Tesco will amend their slogan to "Every Fiddle Helps"— Keith Chatton (@KeithChat) September 22, 2014
HURRY HURRY! Special deal on profit forecasts at Tesco! DOWN £250m to just £850m! While stocks (and shares in the company) last!— David Schneider (@davidschneider) September 22, 2014