The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has extended its sharp decline this afternoon in a plunge led by a number of Australia's blue chip shares.
Just after 1:30pm Sydney time, the ASX 200 was trading 81 points or 1.6% lower, taking the bourse below the 5000-point mark for the first time in more than three weeks.
BHP Billiton Limited (ASX: BHP) is perhaps the biggest surprise of the day, its share price lifting 1.6%.
But elsewhere, Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) are leading the banks lower. They're down 2.9% and 3% respectively.
The Medibank Private Ltd (ASX: MPL) and Telstra Corporation Ltd (ASX: TLS) share prices have also fallen 2.9% and 1.6% respectively, while Woolworths Limited (ASX: WOW) and Wesfarmers Ltd (ASX: WES) are down 1.8% and 1.4%, ensuring that most investors have been hit hard by today's selloff.