Seoul - Shares nosedived Tuesday on the Seoul stock exchange, sending the benchmark Kospi Index down more than 6 per cent, as the collapse of Lehman Brothers bank in the US caused panic among investors.

The Kospi plunged 90.17 points, or 6.1 per cent, to close at 1,387.75, the lowest level in 18 months. The local currency fell to a 49-low against the dollar.

Declining issues outnumbered advancers 810 to 63.

The main index of the technology-heavy Kosdaq market declined 37.62 points to 429.29.

On currency markets, the US dollar was quoted at 1,160.0 Korean won, after 1,109.10 won last Friday. The financial markets were closed on Monday because of a public holiday. (dpa)