Rio Tinto shares dive 36 percent after BHP drops bid

SYDNEY (Reuters) - Shares in global miner Rio Tinto Ltd (RIO.AX) dropped 36 percent on resuming trade in Australia after rival BHP Billiton Ltd (BHP.AX) dropped its hostile bid for Rio after Tuesday's close.

Rio stock was down 35.0 percent at A$41.52 by 12:01 a.m. GMT (7:01 p.m. EST), after hitting a low of A$40.86, while BHP's Australian shares rose 8.3 percent to A$28.40.

(Reporting by James Thornhill)