China Stocks Suffer Biggest One-Day Tumble Since 2008, Banks Hammered

(Reuters) - China stocks suffered their biggest one-day percentage drop since the global financial crisis, dragged down by record tumbles for banks as authorities battled market speculation that fueled a late 2014 spurt in share prices. The two main indexes both fell 7.7 percent, their biggest losses since June 2008, and the plunge wiped out around $315 billion of market value from the Shanghai stock exchange, the country's biggest.