Asian stocks tumbled Monday as traders took their cues from Wall Street, where persistent worries about a possible U.S. recession sent shares sinking Friday.

India's benchmark stock index dropped 4.6 percent in early trading and Hong Kong's market slid 4.7 percent by midday. U.S. stock index futures also were down, suggesting that shares could drop again when the market opens in New York.

In an anomaly, Australia's main stock index gained 5 percent, or 280.50 points, to close at 5,886.30.

Investors around the world have been jittery for weeks about a U.S. slump, which would likely weaken demand for exports and drag on global growth. There is also concern about a worldwide credit crunch triggered by rising defaults in risky U.S. mortgages, which has led to mountains of bad assets at major American and European banks.