W M Morrison shares dropped further yesterday as a mystery shareholder offloaded a 1.2% stake worth £62m, according to newspaper reports.

Morrison shares had also dropped last week following the announcement that weak sales at its Safeway stores would have a negative effect on annual profits for the company.

The profit warning last week was the first the company has released in its 37 year history.

Share prices fell a further 4p to 187.5p, meaning it has fallen 17% over the past three days.