Update: Woodford-backed Provident Financial booted out of FTSE 100

Shares fell nearly 70% on profit warning

Sub-prime lender Provident Financial took another hit on Wednesday as it was kicked out of the FTSE 100, adding to growing concerns about the welfare of the company.

Almost £1.7bn was been taken off its market cap since the firm issued a second profit warning in three months and announced it was under regulatory investigation last week.  On the news, shares in the company plummeted by nearly 70%, while CEO Peter Cook announced he was quitting his role amid the turmoil. The company said it expects to make losses of £80m-£120m as debt collection rates have dropped to 57% compared to a 90% figure last year. The lender is a favourite UK equity income stock, featuring in the top ten holdings of Neil Woodford's £9.5bn Woodford Equity Income portfolio...