Macquarie shares have fallen 32% since hitting a lifetime high of A$98.64 in mid-May and are down 18% since the start of this month.
Of the A$220 billion (US$183.3 billion) worth of assets Macquarie managed globally at the end of June, about A$1 billion is exposed to leveraged funds business.
Other financial shares were also hit, with Babcock & Brown falling 5.3% and Allco Finance Group slumping 8.3%.
"There has been a lot of selling towards those banks because of the uncertainty, what it means as far as their future earnings are concerned," said Paul Xiradis, chief executive officer of boutique fund Aubsil Dexia.
Sydney-based mortgage lender RAMS Home Loans Group fell a further 5% after it said on Tuesday its earnings could be hit if global debt markets remained volatile.
RAMS, the fourth Australian financial institution to warn of the effects of a global credit squeeze in less than a month, saw its shares tumble as much as 32% on the news.