Large shareholders cut BP stakes

A number of BP's largest shareholders - including Legal & General and M&G - have cut holdings in the troubled oil giant during its recent share price slide.

Analysis by The Daily Telegraph of data compiled by Citywatch shows major UK institutions, which also included Scottish Widows, Threadneedle and AXA have all trimmed their holdings since the April Gulf of Mexico disaster. Tracker funds will have been forced to sell as BP's share price fell, reducing its relative size in the FTSE 100. BP's share price has almost halved since the disaster, wiping nearly £50bn off the company's market cap. Scottish Widows, BP's ninth largest shareholder, has been one of the heaviest sellers - cutting its stake from 1.86% before the disaster to 1.27% at t...