Warren Buffett-Selling 245 million Tesco shares

245 million shares of Tesco is sold by Berkshire Hathaway investment company.

245 million shares of Tesco is sold by Berkshire Hathaway investment company. Berkshire's holding is below 3% after the sale.Berkshire Hathaway firm owned a 3.7% stake in Tesco at the end of 2013, a stake worth about £1bn. Berkshire Hathaway is Warren Buffett's investment company. He is also known as the "the Sage of Omaha."

Earlier this month he told on CNBC,"I made a mistake on Tesco. That was a huge mistake by me."

The supermarket's sales are declining and in addition to that share price has fallen to an 11-year low this year.The supermarket's share price has plunged more than 50% over the last 52 weeks after falling sales and there was unrest among investors because of  accounts mis-reporting.

Similar to Berkshire Hathaway, Blackrock, also began selling down its 5% Tesco stake in September.

Mr Buffett is known for making most likely estimation about established companies rather than investing in riskier stocks.Berkshire Hathaway's portfolio consist names like Coca-Cola, IBM and American Express and it started to include Tesco in 2006 and by 2012 owned more than 5% of the business.

Tesco has seen declining sales amid increased competition. The discount retailers like Aldi and Lidl are in the in the market and Marks & Spencer and Waitrose are providing high end offerings to attract customers.

Tesco says  Financial Conduct Authority (FCA) has been notified it that it is under investigation following its admission last week that it overstated its half-year profit guidance by £250m.
The supermarket giant will co-operate fully with the FCA and other relevant authorities.