SYDNEY, AAP – Australia’s share market had its biggest fall since February as a falling iron ore price continued to damage mining stocks.

The market closed lower by 2.1 per cent on Monday and almost every share category was down.

The iron ore giants were particularly affected. BHP lost more than four per cent. Fortescue and Rio Tinto shed more than three per cent.

The big four banks each declined by about two per cent.

The benchmark S&P/ASX200 index closed lower by 155.5 points, or 2.1 per cent, to 7248.2.

The All Ordinaries closed down by 165 points, or 2.14 per cent, to 7537.9.

The Australian dollar was buying 72.33 US cents at 1622 AEST, lower than 73.06 US cents at Friday’s close.