File photo: CGTN

Australian stocks plunged 7.4 percent Thursday, the worst one-day drop since the financial crisis in 2008, hammered by fears over the economic impact of the coronavirus pandemic.

The ASX 200 tumbled 421.3 points to 5,304.6 after Donald Trump announced a ban on travel from Europe, while an US$11 billion stimulus unveiled by Canberra to counter the outbreak disruption failed to improve investor confidence.

Travel-related stocks were among the biggest losers with Webjet down 20 percent, Flight Centre off 19.6 percent and Qantas losing 9.9 percent.