Shanghai Daily news

Chinese shares plunged yesterday, suffering their biggest loss in three months after the government tripled the tax on stock trading in a bid to apply the brakes to the recent rollercoaster rally.

The tumble had a fallout effect in most regions of Asia, Shanghai Daily reported.

The Shanghai Composite Index, which groups both yuan-denominated A shares and the hard-currency B chips, slumped 6.50 percent to 4,053.09 yesterday, the largest single-day loss since February 27.