NIS closed 2.63% lower at 850 dinars. A total of 1,176 NIS shares changed hands generating the day's largest turnover of 1 million dinars.
Dunav closed 0.52% lower at 958 dinars.
There were no gainers among the blue-chip components on Monday.
The broader BELEXline, a free-float market capitalisation weighted index, also fell, closing 0.36% lower at 2,191.32 points.
Total turnover on the Belgrade bourse fell to 21.3 million dinars ($196,600/182,100 euro) on Monday from 112.9 million dinars on Friday. Trading in Treasury bonds accounted for 3.3 million dinars of Monday's turnover.
1 euro = 117.150 dinars