Singapore stock market pummeled further on Monday, falling to as low as 3,494.39 during the day, while losing over 285 points at the close as the city-state and Asian markets bore the brunt of Donald Trump's retaliatory tariffs.

There was a similar impact on major Asian markets with the stock markets of Australia, China, Hong Kong and others tumbling, instigating a regional sell-off frenzy. US stocks lost over $5 trillion in value on Friday.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,494.39 and 3,634.57 throughout the day. It ended the session at 3,540.50, down 285.36 points or 7.46%, which was the biggest drop since October 10, 2008

In economic news, Singapore's official foreign exchange reserves grew to SG$512.2 billion in March, from SG$511.6 billion in February, preliminary data from the Monetary Authority of Singapore.

Shares of DBS Group were down over 9% at the close after the bank bought back and canceled 800,000 shares worth SG$34.9 million in the open market.

Seatrium down 14%; iFAST down 12%; YZJ Shipbldg, Keppel down over 11%; SIA Engineering down 10%; SingPost down over 8%; SIA, OCBC Bank down about 7%.

In company news, shares of Rex International (SGX:5WH) plunged over 15% even after its 80.14% subsidiary, Lime Petroleum, signed a contract with Borr Gerd for a 120-day drilling campaign in Benin.

V2Y (SGX:V2Y) shares were down nearly 13% after the company entered into agreements to dispose of stakes in three of its subsidiaries.