Why does Asda terrify stock market investors? | Nils Pratley

Markets could be overreacting to supermarket price war fears as Tesco, Sainsbury’s and M&S shares slide It normally takes something big to knock 13% off Tesco’s share price – a profits warning, say, or a 2014-vintage accounting scandal. This is the UK’s largest supermarket chain by a distance, after all, and a business that runs on rails now that it has sold most of its foreign adventures to concentrate on the day job.Yet 13% is the fall in Tesco’s shares since