Shanghai index plunges more than 6 percent

An employee of a bank walks by the screen showing the foreign exchange rate, left, at the foreign exchange dealing room in Seoul, South Korea, Tuesday, Aug. 18, 2015. Asian stock markets were mostly lower on Tuesday as disappointing data from the U.S. and further drops in prices of oil and other commodities led investors to remain cautious about betting on risky assets. (AP Photo/Lee Jin-man) An employee of a bank walks by the screen showing the foreign exchange rate, left, at the foreign exchange dealing room in Seoul, South Korea, Tuesday, Aug. 18, 2015. Asian stock markets were mostly lower on Tuesday as disappointing data from the U.S. and further drops in prices of oil and other commodities led investors to remain cautious about betting on risky assets. (AP Photo/Lee Jin-man)

By Associated Press August 18, 2015 2 min read

SEOUL, South Korea (AP) – The Shanghai share index plunged more than 6 percent Tuesday, its biggest drop in three weeks, as investors resumed sell-offs of Chinese stocks despite the stabilization of the Chinese yuan after a sharp devaluation last week.

Other Asian stock markets also turned lower in afternoon trade.

The Shanghai Composite Index fell 6.2 percent to 3,748.16, its largest drop since the index’s 8.5 percent dive on July 27, its biggest slide in eight years.

The plunge in Chinese shares came even as the government took support measures this summer as the index’s sizzling yearlong rally reached unsustainable heights and began a dramatic fall in June.

The announced measures including banning major shareholders from selling any of their shares. But the stability was short-lived as the sell-offs restarted.