Australian shares fell 0.7 percent on Tuesday to their lowest close in more than a month as the political stalemate in Greece and worries about slower global growth hammered commodity prices and dragged down miners. Top materials and energy firms led losses. Global miner BHP Billiton lost 1.7 percent to A$33.86 and iron ore miner Fortescue Metals fell 4.5 percent.
The benchmark S&P/ASX 200 index dropped 30.7 points to 4,266.3, its lowest close since April 11 according to latest available data. The benchmark edged up 0.3 percent on Monday. New Zealand's benchmark NZX 50 index fell 0.575 percent to 3,534.9. "Locally we are on some unsteady footing. It seems as we witness the demise of the euro zone, our immunity continues to deteriorate," Ben Taylor, a sales trader at CMC Markets said. Northern Iron Ltd shares fell 3.7 percent to A$1.05 after it rejected a takeover proposal worth up to $500 million from India's Aditya Birla Group. The Australian firm left the door open on Tuesday to a higher offer.