The benchmark DAX index at the Frankfurt Stock Exchange on Friday lost more than 250 points and closed below 9600 points.
The blue-chip index, which hit a record high last Friday, has lost more than 400 points during this week. On Friday alone, it lost 267.8 points, or 2.72 percent.
The government crisis in Greece, the slump of oil prices, along with some other negative factors, were behind the sudden slump of the DAX index on Friday.
All the 30 member shares of the DAX index suffered losses. The chemical giant BASF SE slid by 4.48 percent. The utilities company RWE AG St dropped by 3.72 percent. Continental AG went down by 3.48 percent. Merck KGaA, a pharmaceutical, chemical and life science company lost 3.48 percent Deutsche Boerse AG ended 3.4 percent lower.
The turnover stood at 3.69 billion euros (around 4.59 billion U.S. dollars). BASF SE was the most traded share of the day with a turnover of 399.17 million euros (around 496.26 million U.S. dollars).