Stocks dive on massive sell-off

SHANGHAI: The Shanghai stock market plunged 7.73 percent yesterday, the biggest one-day drop since June 2007, wiping out 1.7 trillion yuan ($246 billion) of market capitalization.

The benchmark Shanghai Composite Index slid 257.34 points to close at 3072.33, with 860 out of the 912 stocks ending lower. The Shenzhen Component Index dived 8.25 percent, or 968.07 points to close at 10765.91.

The 88.3-billion-yuan turnover on the two bourses was, however, 35.4 percent more than Friday's, the last trading day.