The blue-chip BELEX15 index, which tracks the most liquid shares on the Belgrade Stock Exchange, lost 0.50% to 657.55 points after adding 1.15% on Monday.
The broader BELEXline index closed lower 0.38% to 1,323.28 after ending up 1.07% in the previous trading session.
The joint SRX index of the bourses in Belgrade and Vienna shed 1.53% in euro terms to 194.30 after gaining 0.70% on Monday.
Total turnover fell to 29.6 million dinars ($298,000/243,000 euro) from 57 million dinars on Monday.
Dairy company Mlekara Subotica [BEL:MLSU] generated the session's largest turnover of 9.8 million dinars, closing up 1.85% at 1,599 dinars.
Soybean processing company Sojaprotein [BEL:SJPT] led the session's gainers, closing 3.51% higher at 679 dinars with 28 shares changing hands.
Logistics services provider Intersped [BEL:ITSP] paced the decliners, falling 19.26% to 700 dinars with 55 shares changing hands.
(1 euro=121.5838 Serbian dinars)