Hargreaves Lansdown slides after share placing

Hargreaves Lansdown was under pressure on Thursday after around 6.05m shares in the investment platform were placed at 1,550p.

According to traders, Guernsey-based company PHL Limited, which is controlled by co-founder Stephen Lansdown, sold around £100m worth of shares in the company overnight.

Barclays was said to have acted as the sole bookrunner in connection with the placing.

The placing price represents a discount of around 6% to the closing share price on Wednesday.

At 1050 BST, the shares were down 5.7% at 1,554.50p.