The energy sector led the declines following last night’s sell-off in oil; Santos slumped more than 5% despite its underlying result beating estimates.
Mining companies were smashed amid concerns over the outlook for commodity demand; BHP fell 4.1% and Rio Tinto sank 5.3%.
ANZ was the worst performer among the big four (-4.5%) after its quarterly result disappointed the market.
Elsewhere in the financial sector, QBE gave up 5.6% after downgrading its full-year guidance.
Retailers weren’t spared from the rout, with Billabong crashing more than 26% after reporting a fall in full-year profit.
The ASX 200 tumbled 149 points (-3.5%), settling at 4102.
Today’s losses saw the market give up 1.7% for the week.