Chinese shares closed down 7.70 percent on Monday, the biggest fall in more than six years, after regulators cracked down on margin trading that has fuelled a market rally, analysts said.
The benchmark Shanghai Composite Index tumbled 260.15 points -- the biggest one-day decline since June 2008 -- to 3,116.35 on turnover of 409.9 billion yuan ($65.9 billion). It was down as much as 8.33 percent in intra-day trading.
The Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 3.39 percent, or 50.10 points, to 1,428.37 on turnover of 276.2 billion yuan.
The China Securities Regulatory Commission (CSRC), the market regulator, said