Two men questioned over an altercation which sparked widespread panic at Oxford Circus in central London on Friday evening (24 November) have been released without charge, police have said.

Hundreds of people rushed out of the station and fled for cover in nearby shops following reports of gunshots in one of the capital's hotspots, while the area was completely evacuated and armed police arrived on the scene amid fears of a terrorist attack.

Oxford Circus station was closed and people barricaded themselves inside shops amid fears of a possible terror attack, while police said they received numerous calls reporting that gunshots were fired on Oxford Street and at the station at 4:38pm.

Sixteen people were treated for injuries following the incident, with one person taken to a trauma centre for leg injuries.

On Friday evening, police said the mass evacuation was sparked after an argument erupted between two men on a platform and released CCTV images of the men who they believe "may have information about the incident and the circumstances around the incident."

However, on Sunday, police confirmed two men, aged 21 and 40, had been released after voluntarily attending a police station, where they were subsequently questioned on Saturday.

"There are no criminal proceedings against them," said a spokesperson for the British Transport Police.

"They have not been arrested or charged."

The police also confirmed the investigation around the incident remained ongoing and urged eyewitnesses to come forward and share any information they may have, in a bid to shed light on what started the altercation that triggered the stampeded.

"This caused a significant level of panic which resulted in numerous calls from members of the public reporting gunfire," the force said.

"A full and methodical search of the station and Oxford Street was conducted by our specially trained firearms officers.

"During the search officers did not find any evidence of gunfire at the station."