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TOKYO (Japan): Asian markets are trading deep in the red on Monday. All major indices are in the negative turf.

Japan's Nikkei stock index tumbled more than six percent , hitting the lowest level since 1982 as worries grow about the economic fallout from the global financial crisis.

The Nikkei fell 507.81 points, or 6.64 percent, to 7,141.27 in late trade, levels not seen since before the economic bubble era. Benchmark Nikkei 225 Stock Average briefly sank below 7,500 level at one point in Monday morning trading, posting the lowest since April 2003.

In the first 30 minutes of trading Monday, Japan's key index lost 102.97 points, or 1.35 percent, to 7,546.11. Indian shares fell 5.27 percent.

The benchmark 30-shares Sensex fell 458.98 points to 8,242.09, its lowest level since November 2005.

The Sensex plunged nearly 11 percent last Friday, after India's central bank kept interest rates unchanged.

On currency markets at 9 a.m., the dollar traded at 93.52-57 yen, down from Friday's 5 p.m. quote of 95.14-17 yen.

The euro traded at $1.2614-19, down from Friday's 5 p.m. quote of $1.2665-68, and at 118.05-15 yen, down from 120.52-56 yen.