Share market drops 6pc
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Rocky ride for Australian shares (Getty Images: Sergio Dionisio, file photo)
The Australian share market has lost more than 6 per cent of its value after a massive loss on Wall Street overnight.
The plunge on the local market comes after Wall Street's worst day in 20 years with the Dow Jones Industrial Average losing 733 points or nearly 8 per cent.
Before 1pm AEDT Australia's benchmark ASX 200 Index was 6.5 per cent or 284 points lower at 4,016.
Resources stocks are the hardest hit, with Rio Tinto and BHP Billiton both 13 per cent lower.
Finance stocks are also down.
National Australia Bank has lost 5 per cent. Westpac has shed 2 per cent. Construction company, Leighton Holdings, is 12 per cent lower.
The Australian dollar is buying 66.6 US cents.
