The Financial Conduct Authority (FCA) has meanwhile stopped its own investigation into the matter “with immediate effect”.

The investigations relate to an accounting error which saw the firm overstate its estimated half-year profits by £263m. The retailer has suspended eight senior employees in response to the scandal, which relates to payments from suppliers.

Tesco separately announced earlier this month that chairman Sir Richard Broadbent will quit next year. New CEO Dave Lewis and a new chief financial officer have already come on board ahead of schedule this summer.

Shares in the company have lost half their value year to date, in response to both the profits overstatement and ongoing margin pressure from discount supermarkets.

Today, however, after initially dipping on news of the latest probe, the stock is in the black. Shares were up 1.9% in a rising market at 173p as of 12:30 GMT.