Stocks take 'savage fall' in worst week since 2008

China's major stock indexes finished the week on a grim note on Friday, with the Shanghai Composite Index ending down 13.3 percent, its worst showing since the global financial crisis.

Many analysts had warned that the Chinese market had become too frothy since the bull run that began in November, with some companies trading at 200 or 300 times earnings amid incredible volatility.

The doubling in primary indexes in Shanghai and Shenzhen since late last year has made China the world's best performing major market, but net market capitalization of the equity markets, at 66.2 trillion yuan ($10.7 trillion), now exceeds the size of the gross domestic product.