A budget bottle of red wine costing under a fiver from Asda has been crowned the best in the world at a prestigious awards ceremony.

The chain’s La Moneda Reserva Malbec from Chile for a bargain £4.37 beat stiff competition from thousands of wines to win Platinum Best in Show at the industry’s coveted Decanter World Wine Awards (DWWA).

A panel of 240 international experts awarded the modest tipple the top gong in the under £15 red wine category and hailed it “an absolute crowd pleaser”.

Announcing the results on Thursday after a week of rigorous blind taste tests of 16,000 wines, judges said the supermarket Malbec was the toast of the town for quality and value for money.

Describing the wine as tasting of “freshly crushed black fruit, creamy vanilla yoghurt and pepper spice” they praised its “succulent juicy berries on the palate”.

It was said to have “an excellent freshness” with a zing that was “full of energy with a great price point”.

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