The Australian share market has dived to a nearly eight-year low as borders close and businesses shut in efforts to slow the spread of the coronavirus pandemic.

The benchmark S&P/ASX200 finished Monday down 270.6 points, or 5.62 per cent, to 4,546, while the All Ordinaries index plunged 290.2 points, or 5.98 per cent, to 4475.8 as some businesses and state and territory borders closed with stricter measures to control the pandemic.

One Australian dollar was buying 57.55 US cents, down from 58.82 on Friday when the share market closed.