Dariusz Kowalczyk, senior economist at Credit Agricole CIB in Hong Kong, said the election results were likely to heighten political instability and market volatility.

"Thus, in the short run, risk aversion is the name of the game," he said in an email.

Elsewhere, Australia's S&P/ASX 200 lost 1.8 percent to 4,316.20 and South Korea's Kospi shed 1.7 percent to 1,955.53.

On Friday, U.S. stocks plunged after the government reported that hiring slowed sharply in April.

A report from the Labor Department Friday showing that U.S. jobs growth slumped in April for a second straight month. The 115,000 jobs added in April and the 154,000 in March were down form an average of 252,000 a month from December through February.

Energy stocks were among the hardest hit after the price of oil fell below $100 a barrel Friday, the first time since February.

Hong Kong-listed China National Offshore Oil Corp., or CNOOC, tumbled 4.5 percent. Japanese energy explorer Inpex Corp. lost 4.9 percent. South Korea's S-Oil Corp. fell 3.7 percent.