The share market opened more than 2.5 per cent lower today, following a negative lead from US stocks on fresh Euro debt concerns.
At 10.13am (AEST), the benchmark ASX200 was down 114.1 points, or 2.72 per cent, at 4080.6, while the broader All Ordinaries index was down 108.6 points, or 2.54 per cent, at 4168.
The slide has followed US and European stocks falling heavily on Friday.
On Friday, bank stocks were the worst affected, down more than 5 per cent in some cases. The Dow Jones slid almost 3 per cent or more than 300 points on Friday to just under 11,000 points and London's FTSE 100 index fell 2.35 per cent to 5214.65 points as global markets were plagued by worries about Greece's bailout.
The shock resignation of the European Central Bank chief economist, Juergen Stark, also sparked the European sell-off.
His decision to quit fueled speculation that central bank policymakers are split amid fears that Greece could default.
Locally, Cochlear Ltd have seen the biggest drop. Shares have fallen 17 per cent in early trade, after the company announced the recall of one of its hearing implant ranges.
Cochlear is voluntarily recalling a range of unimplanted hearing implants and is notifying healthcare professionals and regulatory authorities.
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