The value of Irish shares plunged by nearly 10% today, as the ISEQ index declined 390.76 points to 3,552.90.
In a day of worldwide economic turmoil, the Irish Stock Exchange was one of the worst affected.
The financials, which make up a significant portion of the market, were again the hardest hit, suffering massive losses.
In a worrying development, Irish Life And Permanent nosedived €1.50 to €5. Both Allied Irish Banks and Anglo Irish Bank sunk a huge €1.10 to €6.40 and €3.98 respectively. Bank of Ireland performed relatively well in the circumstances, dropping 85c to €4.
Every sector was adversely affected. The construction sector had another poor day, with CRH falling 47c to €15.41. Grafton also suffered, falling 32c to €2.96.
The food and drink sector also aw significant losses, with Greencore the worst performer, down 38c to €1.42. C&C (down 19c to €1.56) and Glanbia (down 14c to €3.66) also saw losses.
There was little confidence in the energy sector, with Tullow Oil down 65c to €7.35 and Dragon Oil losing 29c to €1.93.
Huge losses (Icon down 1.95 to €25.35, Elan down 1.18 to €6.80) sat alongside smaller ones such as DCC (down 40c to €13.60), United Drug (down 16c to €3.70) and Paddy Power (down 10c to €12.85) in a day of gloom that showed no rises of any significance.