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Lloyds shares dropped by 9.5 per cent, trading at 38p.
Small shareholders were reportedly angered when Lloyds' chief executive Eric Daniels allowed the government to take control of the bank.
Mr Daniels came under further pressure after telling a committee of MPs that Lloyds would not have required cash from the government if it had not purchased HBOS.
John Mann, a member of the Commons Treasury Select Committee, told the Times newspaper: "Looking at the amount of money it has pushed into the toxic asset, it strongly suggests that it would have needed assistance in any case."
In related news, the Bank of England has begun pumping money into the UK economy in an effort to tackle the financial crisis.
