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According to the Financial Times, the FTSE 100 fell 65.9 points in early trading against a backdrop of concerns surrounding rising oil prices.
The steep losses in the capital come in the wake of overnight falls in the US where Dow Jones and Nasdaq also entered official bear territory.
Brent crude oil added $1.48 (74p), hitting $145.74. It previously hit a new record of $145.96.
Paul Webb, chief dealer at CMC Markets, commented: "As we've seen earlier in the week, markets as a whole remain highly sensitive to crude so we could be in for a rather choppy ride mid-session."
Among the prominent losing shares in London were mining companies such as Xstrata, Kazakhmys and Rio Tinto.
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