ASX sheds $56b as losses extend to 3%; Tech sector smashed

Summary

• The ASX 200 shed more than 180 points, losing about $56b from its market cap, in a 3% dive on Friday 
• Tech stocks were hammered particularly hard in an overnight Wall Street plunge. The main US indexes marked their deepest one-day dive since June
• Private equity group Bain Capital will take control of Virgin Australia after creditors to the stricken airline voted to support its proposal to rebirth the carrier 
• FMG has obtained WA approval to expand its iron ore export capacity to China by 20%, hoping to get more supply into the market before Brazil's Vale can return to full production