Australia shares hit 2 1/2 year trough, NZ down in line with global rout

SYDNEY: Australian shares fell to a 2 1/2-year low on Tuesday, joining a slump in global markets as sliding oil prices weighed on energy stocks and concerns about the health of banks reignited worries over global growth.

The S&P/ASX 200 index dropped 143.3 points, or 2.9 percent, to close at 4,832.1, its biggest percentage decline since Sept. 29 and its lowest finish since July 2013. The benchmark is now down 8.7 percent so far this year.

New Zealand's benchmark S&P/NZX 50 index dipped 82.5 points, or 1.3 percent, to finish the session at 6,071.3, its lowest finish since Dec. 15.