Tesco, Sainsbury's, and M&S lose £3.5bn in shares

Shares of Tesco, Sainsbury’s, and Marks & Spencer have lost over £3.5 billion in value amid concerns about a price war led by Asda. Tesco's stock fell 10%, Sainsbury’s 8%, and Marks & Spencer 7% since Friday. Asda announced it would invest in price cuts and staffing, expecting a drop in profits this year. Analysts suggest that Tesco and Sainsbury’s may need to lower prices to compete, impacting their profits. Asda's new chair stated the company has a significant budget to address ongoing sales declines. However, analysts question whether Asda can sustain the planned price cuts without improved sales growth.