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[SYDNEY] Australian shares slumped 2.4 per cent on Friday, posting their biggest fall since May 2012, weighed down by banks after the ANZ Banking Group reported softer-than-expected earnings and announced capital raising through a share sale.
ANZ led the falls among lenders, fuelling concerns about the growth outlook for the country's major banks.
The S&P/ASX 200 index fell for a third straight session to close at 5,474.8 points. It fell nearly 4 per cent for the week, its biggest weekly drop in more than two months.
New Zealand's benchmark NZX 50 index fell 1 per cent to finish the session at 5,868.66.