Chinese shares plummet 5% in biggest daily drop since Black Monday

Several brokers down 10%

Chinese shares fell more than 5% overnight as several major brokerages revealed they were under investigation for breaking market rules.

The Shanghai Composite index closed 5.5% lower at 3,436.3 points, according to the BBC, while Hong Kong's Hang Seng index finished down 1.9% at 22,068.32 points. Citic Securities, China's largest brokerage, and rival firm Guosen Securities saw falls of 10% - the maximum allowed in one day - as they said China's securities regulator had placed them under investigation. Trading in shares of another broker, China Haitong Securities, were halted earlier in the day following reports it was also subject to the probe. Why we should be thanking China for slowing down The index falls mark...