British FTSE 100 drops 1.50%on Tuesday

The FTSE 100 Index, the British benchmark stock market gauge, decreased by 1.50 percent, or 99.50 points, to 6,520.98 points on Tuesday.

The London stock index fell sharply as a result of the Greek debt crisis. Greek Prime Minister Alexis Tsipras Tuesday proposed a new funding agreement with the European Stability Mechanism just hours before the current bailout program was due to expire.

However, the proposed new bailout program failed to lift the London stock market, as Greek Finance Minister Yanis Varoufakis announced Tuesday Greece would not repay the loan installment due to International Monetary Fund (IMF) on Tuesday.

Hikma Pharmaceuticals' share price increased by 2.49 percent, topping the gainers of the blue chips. Meggitt, Inmarsat, Persimmon and International Consolidated Airlines Group SA inched up 0.73 percent, 0.49 percent, 0.46 percent and 0.30 percent respectively.

BHP Billiton led the top losers of the blue chips with a hefty share price drop of 4.03 percent, followed by United Utilities Group (3.62 percent), J Sainsbury PLC (3.25 percent), Anglo American (3.16 percent) and Standard Life (3.14 percent).