Berkshire Hathaway, the firm of billionaire investor Warren Buffet, has reduced its shareholdings in Tesco Plc to 4.98% after the shares of the largest retail supermarket in the UK increased in price this year.

The last reported shareholdings by Berkshire was at 5.08% last January 12, 2013, according to a statement fromthe firm.

The shares of Tesco have increased by 9.2% in 2013 as the grocer improves the technology in the stores as well as increases staff hires in an effort to boost domestic sales. The market share of the retailer was at 29.9% in the three months prior to April 14. according to Kantar WorldPanel but this was more than the 29.4% market share for the period ending March 17 but lower than last year's market share of 30.7% in the previous year.

Tesco's share prices increased by 0.2% to 366.65 pence as of midday trading in London's bourse.