Fortescue shares are getting smoked

Andrew Forest at the recent opening of one of Fortescue’s iron ore projects in WA. Image: Supplied.

Fortescue Metals shares are being crushed after the iron ore miner posted a an 88% drop in full year profit to $317 million, down from $2.7 billion the year before.

Fortescue shares were down more than 10% a short time ago, hitting $1.72.

So far $38 billion has been wiped off Australian shares today as the market follows global markets down.

Chinese stocks are also getting hammered, with the benchmark Shanghai Composite index down more than 8% in the first hour of trade. Chinese iron ore futures are also tumbling, approaching the daily limit in early trade.

Here’s the chart.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.