Germany's DAX index and Britain's FTSE 100 have plummeted in response to the announcement that Britain is leaving the European Union.

The DAX index, which opened for trading on the Frankfurt Stock Exchange at 9 am (0800 GMT), has dropped by 9.98 per cent to 9233,48 points.

The main index of the London stock market, the FTSE 100, dropped by 10 percent after opening with a 8 percent fall.

Both indexes had gained in recent days on hopes that Britain would vote to remain a member state.