The ASX200 index closed down 7.33% at 5760 points. It was a trainwreck for the oil and gas sector with no major listed energy company escaped unscathed.
The ASX200 Energy industry sector was down 25.01% at close, or by a loss of 1817.8 points.
Oil Search was hit the hardest falling 35.17%, or $1.79, to just $3.30 per share. Santos wasn't far behind falling $1.81 per share or 27.01% to $4.89 a share.
Worley and Beach were also down more than 19.5% at $9.45 and $1.33 per share, respectively.
Woodside fell 18.35% to $21.54 per share.
The savaging of the ASX oilers followed a 30% drop in oil prices, which has sent shockwaves through global markets.
It comes as Saudi Arabia slashed oil prices and amid concerns over the economic impact of the novel coronavirus COVID-19.
This morning ANZ Research went so far as to call the OPEC+ alliance "dead."
"There is no doubt that prices will come under pressure in coming days as the market contemplates the impact of a major supply and demand shock," ANZ said in a commodity insight this morning.
"We expect crude oil prices could test levels not seen since 2016 in the short term."
Brent nosedived more than 10% over the weekend, after the OPEC+ alliance meeting fell apart due to Russia's stubborn position to reject a plan for additional output cuts.