Royal Mail is one of the biggest fallers on the FTSE 100 index on Wednesday, losing the gains it made earlier in the week to trade down over 2 percent.

Shares in the postal group rose yesterday after it told investors yesterday that the unexpected election had given it an unexpected boost and meant that the fall in number of letters posted had been less than expected.

Shares rose on Tuesday on the news but fell again on Wednesday morning, dragging down the FTSE 100 by mid morning.

The company reported on Tuesday that total letter revenue in the UK fell by 4 percent and volumes dropped 6 percent in the first quarter to 25 June, with its UK Parcels, International and Letters division also seeing a 1 percent dip in underlying revenue.

Shares in Royal Mail (LON:RMG) are currently trading down 2.55 percent at 400.60 (1130GMT).