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By Bloomberg

Asian stocks fell, with the regional benchmark index set for its biggest drop in more than a year, after Greece voted to reject further austerity. Chinese shares rallied after a three-week slump.

Asahi Glass Co., which gets about 21 percent of sales from Europe, dropped 2.7 percent in Tokyo. BHP Billiton Ltd., the world’s biggest mining company, slipped 2.1 percent in Sydney as copper futures headed for a second day of declines in London. China Airlines Ltd. gained 2.9 percent in Taipei after regulators increased flights to mainland China.

The MSCI Asia Pacific Index slid 2.1 percent to 143.35 as of 12:16 p.m. in Hong Kong, heading for the biggest decline since February 2014. Sixty-one percent of voters backed Prime Minister Alexis Tsipras’s rejection of further spending cuts and tax increases in an unprecedented referendum that’s also taken the country to the brink of financial collapse. The results mean Greece exiting the currency union is now the base scenario, JPMorgan Chase & Co. said. Japan’s Topix index sank 2 percent as the yen gained 1 percent against the euro.

European Union President Donald Tusk called a euro-area summit for Tuesday. While the European Central Bank’s Governing Council is due to talk on Monday on whether to keep supporting Greece’s lenders, it’ll probably be reluctant to preempt such a meeting.

“There’s a whole range of unpredictable outcomes,” Mark Lister, head of private wealth research at Craigs Investment Partners Ltd. in Wellington, which manages about $7.2 billion, said by phone. “It’s surprising that the ‘no’ vote won so convincingly, certainly more decisively than the polls had suggested. This puts us in limbo for so much longer, and it’s very negative for risk sentiment especially when you add in what we’re seeing with developments out of China.”

China Measures

The Shanghai Composite Index gained 2.2 percent after China suspended initial public offerings and brokerages pledged to buy shares in weekend measures aimed at halting the market rout. Mainland shares have erased $3.2 trillion of value after posting their biggest three-week slump since 1992 on concern leveraged traders are liquidating bets after valuations exceeded levels seen during China’s stock-market bubble of 2007.

Australia’s S&P/ASX 200 Index dropped 1.3 percent. South Korea’s Kospi index sank 1.8 percent. Taiwan’s Taiex slid 0.8 percent and New Zealand’s NZX 50 Index slipped 1 percent. Singapore’s Straits Times Index fell 0.8 percent, while Hong Kong’s Hang Seng Index tumbled 3.2 percent.

West Texas Intermediate crude dropped as much as 4.4 percent to as low as $54.44 a barrel, headed for its lowest close in almost three months.