Paris - Following big losses overnight on Wall Street and in Asia, French shares slumped on Thursday as fears of a deep recession turned investors bearish.

The Paris Bourse's CAC 40 blue-chip index ended the day off by 5.92 per cent, at 3,181, as declining issues outpaced advancing shares by 9 to 1.

Insurance giant Axa was the day's biggest loser, plunging by 12.51 per cent to 16.33 euros. Industrial group Bouygues and transport manufacturer Alstom gave up 11.1 and 10.15 per cent, respectively.

As oil prices fell because of the economic slowdown, the shares of oil group Total slumped by 9.19 per cent, to 33.20 euros, while carrier Air France-KLM led the day's winners, gaining 5.23 per cent, to 14.21 euros. (dpa)