At closing bell, the benchmark S&P/ASX200 index dropped 47.64 points, or 0.77%, to 6,120. The broader All Ordinaries was down 42.44 points, or 0.67%, to 6,271.70.
The Australian Financial Review reported that Australia will not approve China Mengniu Dairy Co's proposed buyout of some of the country's best-known milk brands from Japan's Kirin Holdings Co.
Meanwhile, Australia's second-most populous state of Victoria reported a small daily increase in new coronavirus infections with 240 cases over the past 24 hours.
Materials and resources stocks tumbled, as the world's biggest producer of manganese, South32, reported an 80.5% slump in full-year underlying profit.
Energy stocks were lower, as crude prices slipped over concerns of a second prolonged wave of the COVID-19 pandemic. Shares of Santos and Origin Energy dropped about 4% and 6% as energy companies reported a dip in underlying profits.
Shares of Afterpay surged to an all-time high after the buy-now-pay-later firm raised its annual core earnings forecast.
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CURRENCY NEWS: The Australian dollar changed hands at $0.7184 after dropping from above $0.725 yesterday.
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