NZ shares plunge as Putin invades Ukraine

The S&P/NZX 50 Index had its biggest fall since the covid crash in March 2020, dropping 400 points, or 3.3%, to 11,797.30. Turnover was $112 million.

The Associated Press reported President Putin said he was deploying troops in neighbouring Ukraine, claiming the move was intended to protect civilians.

Other media reported explosions near the capital Kyiv and elsewhere in the country.

Ukrainian President Volodymyr Zelenskyy gave a speech warning the country would defend itself, saying in Russian: “When you attack us, you will see our faces, not our backs.”