Asian markets drop in early trade

Asian stock markets fell Monday as worries about Greece's debt crisis and India's sudden interest rate hike rattled investors.

Major indexes were down as much as 2 percent after selling hit U.S. and European markets on Friday. Oil prices fell toward $80 a barrel, while the euro slid further against the dollar.

Anxiety over Greece's ability to pay its massive debts has weighed on investors in recent months. Other countries that use the euro currency have shown a reluctance to come to Greece's aid, with Germany's chancellor saying Sunday financial help shouldn't be up for discussion at this week's European summit.

Also weighing on investors was an unexpected decision by India's central bank to raise interest rates. The Reserve Bank of India hiked key lending rates late Friday by a quarter-percentage point in an attempt to cool high inflation amid a faster-than-expected economic rebound.

Hong Kong's Hang Seng index fell 406.00 points, or 1.9 percent, to 20,964.82 and South Korea's main benchmark lost 18.44, or 1.1 percent, to 1,667.67.

Oil prices were down in Asia, with benchmark crude for April delivery falling 56 cents to $80.12 a barrel.