BEIJING - Chinese major stock indices closed over 5 percent lower on Monday.

The benchmark Shanghai Composite Index went down 5.13 percent, slipping below 3,000 points to 2,928.51 points, while the Shenzhen Component Index closed 6.08 percent lower at 10,379.28 points.

More than 700 stocks fell by the 10-percent daily limit, while over 3,000 stocks fell more than 7 percent.

The combined turnover of stocks covered by the two indices stood at 896.89 billion yuan ($138.18 billion), up from 753.3 billion yuan the previous trading day.

Shares related to digital currency and cloud games led the losses.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 5.56 percent to close at 2,169 points Monday.