Stocks plummeted across Asia for a second day on Tuesday on unrelenting fears that the US, Asia’s most important trading partner, is heading into recession.

Indian shares sank more than 11 per cent as the market opened, resulting in a one-hour trading suspension, and dropped as much as 13 per cent once trade resumed. Hong Kong had its worst two-day fall since the aftermath of the 1997-98 Asian financial crisis and Hong Kong-listed shares of Chinese groups slumped 12 per cent.