The Tadawul All Share Index (TASI) retreated 1.6 percent, or more than 100 points, to 6,850 in early trading on Sunday, with most stocks in the red.
Saudi Arabia has arrested 11 princes and dozens of current and former ministers in a sweeping crackdown against corruption.
The value of shares traded neared SAR 950 million.
Kingdom Holding was the biggest drag, falling its daily limit to SAR 9.26. The stock tumbled after billionaire Chairman Prince Alwaleed bin Talal was arrested as part of the corruption probe.
Savola Group, Saudi Industrial Investment Group, Emaar EC and Al Jouf Agricultural Development also shed between 5 and 8 percent.
Tabuk Cement was the top advancer, gaining 7 percent to SAR 13.66.
Saudi ruler King Salman on Saturday announced the formation of a new anti-corruption committee, to be headed by Crown Prince Mohammed bin Salman.
The monarch also issued a series of royal decrees replacing two ministers and the commander of the Kingdom’s naval forces.
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