ASX experiences one of its worst days since the GFC

The ASX has plunged in early trade and is on track to have one of its worst days since the global financial crisis. More than $120 billion was wiped from the value of Australian shares, tanking in early trade as virus fears triggered an oil price war. Sky News Business Reporter Edward Boyd said “the oil price fell 30 per cent overnight” which caused “a violent selloff of Aussie shares”. Mr Boyd said the stock market plunged on Monday and was “down 5.7 per cent after two hours of trading”. “Oil stocks are some of the worst affected… but it’s not just oil, the banks have also been heavily hit and tourism stocks are really badly affected as well,” he said. Image: Getty