FTSE 100: blue-chip index falls 0.8pc At the meeting, Eurozone leaders were called on to do more to help solve the debt crisis before other G20 countries could possibly increase the firepower of the IMF. Joshua Raymond, chief market strategist at City Index said: "Clearly the G20 statement is concerning enough to convince investors to cash in their gains and reduce exposures on European stocks." Essar Energy is leading the FTSE 100 lower, sliding 7pc. The Indian energy group said it made a loss after tax of $568.2m in 2011 after the Supreme Court of India set aside a sales tax deferment scheme. Hargreaves Landowne also fell 2.7pc as Oriel Securities took up coverage with a "reduce" rating. Oriel said: "Our view on the valuation is that the high rating commanded historically is no longer appropriate in view of earnings risks from moderating growth rates and regulation following the FSA U-turn on platforms." Elsewhere, Pearson dipped 2.9pc following profit taking after full-year results. On a more positive tack, BP - whose trial for the 2010 Gulf of Mexico oil spill has been delayed by a week - perked up 1.8pc as it emerged plaintiffs suing over the 2010 Gulf of Mexico oil spill are discussing a $14bn accord that would be funded with money originally set aside by the company for out-of-court settlements. Jon Rigby, an analyst at UBS, said: "The trial structure, where BP was scheduled to present its case last, was likely to be a significant source of negative headline risk as plaintiffs and co-defendants attacked them. The prospect of a settlement is likely to be encouraging to BP investors. Mr Rigby added: "We continue to see settlement as the most likely means of resolution. The length and uncertainty of the vast trial process is not helpful for BP shares. Accelerating the conclusion would also free management to focus on the company's restructuring and reshaping. Its value in de-risking the outcome for shareholders is meaningful. However, correctly in our view, BP has also been preparing to litigate and has made it clear it is ready to settle only on terms it judges to be fair. The analyst concluded that the Gulf of Mexico oil spill could cost of around $30bn to BP as most likely and the oil giant might not be found grossly negligent.