Sainsbury’s shares fell to their lowest level since February, when news of a potential bid for the supermarket operator first emerged, as investors became increasingly unsure that the Qatari-backed Delta Two fund would submit a bid.

There is concern that, in the current market conditions, Delta will not be able to secure the finance it needs from its debt providers for a £10.4bn bid.

The Sainsbury’s board has demanded that Delta Two inject more equity into its offer.