Vodafone became the latest victim of the slowdown yesterday as the mobile group warned that its annual revenues would be at the bottom end of forecasts.

The revision - mainly caused by falling sales in Spain - shocked the City and sent shares down almost 14% to close at 129p, making it the biggest percentage faller in the FTSE 100.

It cast a shadow over the departure of chief executive Arun Sarin, who is stepping down next week after...