China stocks plunged again on Wednesday, even as regulators worked to contain a crisis that has wiped trillions of dollars off the country’s stock markets.

The Shanghai Composite plunged 8% at the market open on Wednesday, and spent the entire day in negative territory before closing down 5.9%. The vast majority of stocks listed on the benchmark index shed 10%, the maximum limit shares are allowed to fall before being halted.

The smaller Shenzhen Composite lost 2.5%, while Hong Kong’s Hang Seng dropped 5.8%.

“At the moment there is a mood of panic in the market and a large increase in irrational dumping of shares, causing a strain of liquidity in the stock market,” China Securities Regulatory Commission said in statement.

Since June 12, the Shanghai Composite has lost an unnerving 32%. The Shenzhen market, which has more tech companies and is often compared to America’s Nasdaq index, is down 41% over the same period.

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