Banking stocks were the worst hit, plummeting around 30 percent to their daily volatility limit on both days.
On Tuesday, Bank of Piraeus closed down 30 percent at the trading limit. Eurobank and Alpha Bank both ended a smidgen less than 30 percent lower.
Evangelos Charatsis, managing director of Beta Securities, told CNBC that it was a "bad day for the Greek market" and that, given the raft of problems in Greece, it "would take a while—maybe from the middle to the end of the week—for the market to find a new equilibrium."
"I believe the sell-off won't go much further. The banking sector was mostly hit from this decline and I believe today we might see the banks finding a new equilibrium," he told CNBC Europe's "Squawk Box" Tuesday.
Charatsis noted that the Greek market was re-pricing in the worsening Greek economy, with most analysts now expecting a recession of around 3 to 5 percent this year. "And maybe 2016 will be a recessionary year as well," he said.
"The banking sector is in a very bad shape, we don't know how much money is going to be needed to recapitalize the banks, there has been a provision for 25 billion euros ($27 billion) but it might be less than that, and confidence in the market is at record lows."