Every sector closed in the red with energy and materials plays by far the worst in show, their respective sectors were down 4.5% and 3.4% respectively.
There were some hard hit stocks on the day, with Aquarius Platinum (-11%) and Aquila Resources (-10.3%) having sessions they would much rather forget.
The big four banks were not spared from the carnage, with NAB (-3.7%) and CBA (-3.1%) the worst of the group. Commodity price weakness did not help the mining majors, with BHP and Rio Tinto dropping 3.8% and 3% respectively.
Iluka Resources declined 1.5% after reporting that its FY12 net profit fell 33% over the year to $363.2 million. At the other end of the spectrum, Seek enjoyed a 4.7% gains whilst Qantas was flying high, adding 2.8%.
All-in-all it was a stinker however, with the ASX 200 suffering through a 119 point (-2.3%) decline to settle at 4980.