Chinese share prices slumped heavily on Monday, dragged by heavyweights including PetroChina, China Life and banking stocks.

The benchmark Shanghai Composite Index plunged 108.55 points, or 3.13 percent, to close at 3.364.54 points.

The Shenzhen Component Index on the Shenzhen Stock Exchange market closed at 11,890.17 points, down 326.22 points, or 2.67 percent.

The Hushen 300 Index reflecting the performance of the Shanghai and Shenzhen stock exchanges closed at 3,559.22 points, losing 115.93 points, from the previous close.

The combined turnover was 104.5 billion yuan ($15.1 billion), down from the previous trading day's 117 billion yuan.