Swiss stocks plunge over 4%

Swiss stocks accelerated their fall in morning trade, with the index plunging over four percent to below 5,000 points.

At 0746 GMT the Swiss Market Index which had opened slightly down, was off 4.14 percent at 4,980.99 points.

Heavyweight Nestle fell 3.83 percent to 47.46 francs while pharma giant Novartis, another key component of the index, slid 4.66 percent to 41.91 francs.