At closing bell, the benchmark S&P/ASX200 index tumbled 128.01 points, or 2.19%, to 5,719.80. The broader All Ordinaries dropped 129.94 points, or 2.18%, to 5,830.00.
Investors chose to play safe at the start of the week on renewed concerns over a second wave of infections as clusters of new infections were reported in the US and China. Beijing on Monday reported its second consecutive day of record numbers of COVID-19 cases, while new cases and hospitalisations in record numbers swept through more U.S. states.
Meanwhile, underwhelming data from China also weighed on investor sentiment. China's industrial output rose 4.4% in May from a year ago, less than expected, while retail sales fell a larger-than-expected 2.8% in a sign of weak domestic demand.
Financial stocks shed, with the Big Four lenders falling in range of 1% to 3%.
Energy stocks dropped after oil prices weakened on virus-led demand concerns. Shares of Woodside Petroleum and Santos shed 3.3% and 4%, respectively.
CURRENCY NEWS: The Australian dollar changed hands at $0.6824 after last week's slip from levels above $0.693.
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