Hong Kong- Hong Kong shares plummeted by nearly 5 per cent Monday, sliding steeply in late trading as shares in HSBC bank fell by a massive 24 per cent.

The blue-chip Hang Seng Index fell by 576.94 points, or 4.84 per cent, to end the day at 11,344.58. Turnover was 35.7 billion Hong Kong dollars (4.6 billion US dollars.)

Monday's trading was dominated by a sell-off of HSBC shares which fell 24 per cent to close at 33 Hong Kong dollars, their lowest level since 1995.

Shares in HSBC started the day at 41 Hong Kong dollars and were at 37 Hong Kong dollars in the last half hour of trading before a dramatic late fall.

Shares in the Hang Seng Bank fell by 9 per cent. (dpa)