Market plunge reignites fears

Chinese equities plunged on Monday by nearly 8.5 percent, the worst single-day decline in eight years, rekindling investors' fears of a "double dip" after the benchmark index suffered a massive 30 percent loss in June and early July.

The plunge followed the release of disappointing numbers on industrial profit growth and worsening manufacturing data that suggested the Chinese economy is likely to remain flat if not further contract.

The benchmark Shanghai Composite Index sank by 8.48 percent, or 345.35 points, to close at 3,725.56, while the Shenzhen Component Index fell by 7.59 percent to end at 12,493.05.