Uncertainty over Greece’s debt crisis battered global stocks on Monday morning, as the troubled country dealt with bank closures and placed limits on ATM withdrawals.
The global sell-off was particularly poorly timed for the Chinese stock market, which retreated into a bear market early Monday after the country’s central bank cut interest rates over the weekend in a move meant to bolster the market. China’s stock market, which fell more than 7% on Friday, started this morning moving upward before quickly reversing, leaving the market down more than 20% from highs earlier this month.
The Shanghai Composite index ended the day down 3.3%, while the Shenzhen exchange closed down more than 6% and Hong Kong’s Hang Seng dropped 2.6%.
The recent sell-off has hit several large Chinese companies particularly hard, with train maker CRRC Corporation’s stock down more than 50% from its peak price, according to The Wall Street Journal. Fellow transportation companies such as China Railway and BYD have also seen their shares drop by 45% and 40% from their respective peaks.
As Fortune‘s Scott Cendrowski noted in an earlier story, this past weekend marked the first time that China’s central bank had cut two key rates on the same day since the financial crisis. China’s leaders pushed for a stock market rally last year at a time of slow economic growth for the country, but rapid gains spooked many investors, particularly margin lenders who have led the current sell-off.