BEIJING -- Chinese shares continued dropping on Friday, with the benchmark Shanghai Composite Index diving nearly 4 percent to almost half of its highest level.
The index, which covers both A and B shares, slumped 3.97 percent, or 128.07 points, to 3,094.67.
It was 49.5 percent off from a record 6124.04 set in October and the lowest in more than a year.
The Shenzhen Component Index closed 3.13 percent, or 365.04 points lower at 11,292.04.
Losers outnumbered gainers by 722 to 50 in Shanghai and 561 to 37 in Shenzhen. Aggregate turnover narrowed to 78.5 billion yuan ($11.2 billion) from 90.2 billion yuan on Thursday.