Beijing - China's stock markets reported dramatic losses on Thursday, as lost faith in the market caused panic selling following drops on Wall Street.

The key Shanghai Composite index was down 3.87 per cent to 2,121, while in Shenzhen the SEE Component index was down 5.63 per cent to 7,777.

Bank stocks were among the biggest losers, the official Xinhua news agency said, reporting losses of up to 13 per cent in that sector. Machinery titles, as well as carmakers, media and semiconductor shares were all down more than 7 per cent. (dpa)