Asian stocks fell as China's Shanghai Composite Index (SHCOMP) slumped more than 20 percent from a February high, sinking deeper into a bear market, amid concern a cash crunch will curb growth in the world's second-largest economy.

Nikkei 225 12,969.34 -93.44 -0.72%

Hang Seng 19,849.28 +35.30 +0.18%

S&P/ASX 200 4,656 -13.14 -0.28%

Shanghai Composite 1,960.23 -3.00 -0.15%

Jiangxi Copper Co., China's biggest producer of the metal, sank 2.8 percent in Hong Kong.

Newcrest Mining Ltd. fell 2.4 percent after Australia's No. 1 gold producer cut jobs at its Lihir mine in Papua New Guinea.

Guangzhou Shipyard International Co., a unit of China's largest shipbuilder, plunged 17 percent after announcing plans to sell shares and buy a shipyard.