Sydney 0.9% lower
Australia's share market hit its lowest level since September 9 thanks to steep losses in blue-chip banks and miners. Still, volumes were light with several states shut for public holidays.
Commonwealth Bank of Australia, National Australia Bank and Macquarie fell over 1 percent each while gold miners fell despite spot gold prices edging up in Asian trade, Kingsgate Consolidated lost nearly 4 percent.
Discovery Metals skidded 11 percent after one of its stakeholders, Singapore-listed Blumont, experienced a 75 percent drop in its share price on Monday, extending Friday's 56 percent fall. Blumont owns Bluemont Copper, which bought a 12 percent stake in Discovery last month.
Qantas Airways closed down 3.5 percent as its budget carrier Jetstar is set to take delivery of its first Boeing 787 Dreamliner.
(Read more: Week ahead for Asia: China back in action)
India falls 1.2%
Indian equities tracked Asia-wide losses while the rupee fell 0.6 percent to 61.7 per dollar. Despite the weakness, the index traded 1.5 percent above it's 200-day simple moving average (SMA) of 19,401 points.
Kospi eases 0.1%
Seoul's benchmark index closed just below the flatline after trading in a narrow 12-point range throughout the session. The Kospi was able to avoid larger losses after data showed foreign net inflows rose to a 20-month high in September.
Index heavyweight Samsung Electronics climbed over 1 percent after its third-quarter earnings guidance topped estimates on Friday. Other tech stocks followed its cue with LG Electronics higher by 1.6 percent.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter