Chinese shares closed heavily down Monday after a rollercoaster ride, despite a surprise interest rate cut at the weekend.

The benchmark Shanghai Composite Index dived 3.34 percent, or 139.84 points, to 4,053.03 on turnover of 904.2 billion yuan ($147.8 billion), having been as much as 7.58 percent down.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, plummeted 6.06 percent, or 151.56 points, to 2,351.40 on turnover of 631.2 billion yuan.