The Belgrade bourse's blue-chip BELEX15 index went down 2.28% to 707.42 points after a 0.62% fall on Monday.
The broader BELEXline index slid 1.53% to 1,362.05 points after edging down 0.67% a day earlier.
The joint SRX index of the bourses in Belgrade and Vienna ticked 0.27% lower to 324.20.
The bourse's total turnover swelled to 61.4 million dinars ($972,902/650,162 euro) from 48 million dinars on Monday.
Blue-chip AIK Banka again recorded the session’s highest turnover, of 23.2 million dinars, with shares sliding 0.85% to 2,674 dinars.
Blue-chip Agrobanka had the day's second largest turnover of 5.6 million dinars, falling 1.15% to end at 9,676 dinars.
Engineering holding company Energoprojekt posted the session’s third highest turnover of 4.5 million dinars. Shares tumbled 4.97% to 871 dinars.
Construction company Napred posted the biggest gains on Tuesday, jumping 11.11% to 3,000 dinars. Komercijalna Banka paced the losers, tumbling 12% to 13,103 dinars.
Fallers outnumbered climbers 32 to 11, while the shares of 24 companies stayed unchanged on Tuesday.
(1 euro= 94.4380 Serbian dinars)