The stock market has delivered a brutal verdict on Hargreaves Lansdown’s heavy backing of Neil Woodford, wiping £1.6 billion off the value of the UK’s biggest stockbroker in the three days since the embattled fund manager was forced to suspend dealing in his flagship fund.

Its shares have been rooted to the bottom of the FTSE 100 for three successive days, falling 14% since the suspension of the £3.7 billion Woodford Equity Income Fund.

Hargreaves was the biggest backer of the fund, with a stake amounting to £1.4 billion at the end of last year, down from £3.4 billion at its peak.

The broker delivered a massive marketing push to the fund, promoting it in its Wealth 50 even as Woodford’s performance deteriorated, only dropping the manager from its best buy list after Monday’s suspension.