Australian shares slump, wiping out $30 billion

Australian shares have slumped to five-and-a-half-week lows, wiping out more than $30 billion, as investors sell out across major sectors on global fears that Britain may exit the eurozone.    

Shares among the big four banks led the losses: the Commonwealth Bank of Australia lost 2.7 per cent to one-and-a-half-month lows of $73.45, while Westpac tumbled 2.4 per cent, ABC reports.

The move followed overnight leads, after Wall Street fell for a third straight session, while European shares hit a three-month low.

"The fragility of global markets has been exposed over the last few sessions," said Gary Huxtable, client adviser at Atlantic Pacific Securities.