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It fell by more than 1,000 points to close at 18,963.9 points, while the Shanghai Composite declined by 1.8 per cent, reports Reuters.
The latest dip in the stock market eliminates nearly one week's worth of gains as traders grow increasingly concerned about the debt situation in Italy.
Among the firms to experience particularly large declines were those in the banking sector, with HSBC shares dipping by 9.1 per cent.
The latter financial institution, Industrial & Commercial Bank of China and China Construction Bank contributed to half of the decline on the Hang Seng index.
HSBC's drop represented the company's sharpest downturn seen since March 2009.
In the year-to-date, the Hang Seng index reached its peak on January 19th when it closed at 24,419.62 points, while its lowest point came on October 4th when it dropped to 16,250.27 points.
Posted by Greg Secker
