Chinese shares plummeted the most since Aug. 31 last year on Friday, as investors feared more interest rate raise after inflation hit 25 month high in October.

The benchmark Shanghai Composite Index lost 5.16 percent, or 162.31 points, to 2,985.44.

The Shenzhen Component Index dropped 7.003 percent, or 958.40 points, to close at 12,726.54.