Australian shares plunge again as Dow hits lowest level since 1987 crash; Virgin slashes flights, Flight Centre to close stores

Australian shares have tumbled more than seven percent after Donald Trump's shock travel ban between Europe and the US has exacerbated steep falls on global sharemarkets. 

On Wall St, the Dow Jones Industrial Average ended 9.9 percent lower in the worst single day percentage fall since the 1987 sharemarket crash.  

Virgin Australia has slashed capacity and Flight Centre will close 100 stores. 

ABC's Peter Ryan with the latest.