(Yicai Global) March 8 -- China's mainland stock markets nosedived as the unfavorable ratings saddling two blue-chip companies worsened market sentiment, triggering the greatest turnover in four months and sending the Shanghai market stock index into its biggest fall in five months. 

The Shanghai Composite Index closed at 2,969.86, down 4.4 percent in its largest decline since October, with over CNY526 billion (USD78 billion) swapped. It fell 0.81 percent overall this week.

The Shenzhen Component Index dropped 3.2 percent to 9,363.72 on turnover of CNY658.5 billion, after it had risen 2.14 percent this week. Its volume was CNY1.2 trillion in a post-November high.

The ChiNext price Index, which tracks growth enterprises in Shenzhen, scaled down 2.24 percent to 1,654, and flipped CNY203 billion.

Huatai Securities dished out the adverse rating to China Securities, whose shares  [SHA:601066] fell 10 percent to the daily limit down CNY28.04 (USD4.60), while Citic Securities doled it to People's Insurance Company (Group) of China [SHA:601319], also causing it to plunge 9.98 percent to CNY11.55.

Editor: Ben Armour