BBC News.
Markets in Japan and South Korea fell by nearly 5% in early trading having been shut on Monday for a bank holiday.
The figures reflected earlier falls in Europe and the US, which on Monday had its worst day's trading since 9/11.
The fourth-largest US investment bank, Lehman filed for bankruptcy protection on Monday, becoming the latest victim of the global credit crunch.
Japan's benchmark Nikkei-225 index dropped by 4.7% in the first half hour of trading on Tuesday, while South Korean shares shed more than 5% in value in just 20 minutes.
Markets in Shanghai, Taipei and Singapore were also sharply down.
The collapse of Lehman, which had incurred billions of dollars of losses from the failing US mortgage market, threatened to deal a further blow to other financial institutions, as they unwind deals with the former investment giant.
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