Tesco's shares fell Wednesday after horse meat was discovered in the supermarket chain's beefburgers.
Tests on beef products sold in British grocers including Tesco, Lidl, Aldi, Iceland and Dunnes Stores, showed low levels of the animal's DNA.
The Food Safety Authority of Ireland (FSAI) have carried out an investigation with Irish authorities which found Britain was one of the areas affected.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The products were produced by processing plants in Ireland, namely Liffey Meats and Silvercrest Foods, and one in the UK, namely Dalepak Hambleton in North Yorkshire.
Products tested in Ireland contained 37% horse meat, while 85% contained pig DNA. Horse and pig meat were found in 27 beef burger products.
Tim Smith, the Group Technical Director of Tesco, was quoted in London's Daily Telegraph as saying: "The presence of illegal meat in our products is extremely serious. Our customers have the right to expect that food they buy is produced to the highest standards."
Prof Alan Reilly, the Chief Executive of the FSAI, said the reason pig meat was found in products could be due to the fact that different animals are processed in the same plant.
However, he also said there was no clear explanation for the presence of horse DNA in products.
An FSA spokesman said there were continuing to investigate the issue.
Tesco's shares dropped 1.10% to 345.75p at 8:58 Wednesday.
RD
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
