Taoiseach Enda Kenny says it is a 'disappointing day' for Fine Gael.
Enda Kenny was not present in the count centre in Castlebar when he was re-elected on the first count, exceeding the quota.
However, an RTÉ exit poll put Fine Gael support at 24.8% - down from 36.1% from the 2011 election.
The outgoing government is currently on course to fall far short of a majority - while Fine Gael is expected to return as the largest party in the 32nd Dáil, early forecasts suggest they could lose more than 25 seats.
As the counts continue across the country, 12 Fine Gael TDs have been elected, but there have already been some high profile casualties.
Former justice minister Alan Shatter has lost his seat in Dublin Rathdown, while the party's deputy leader James Reilly is in big trouble in Dublin Fingal.
John Perry will lose his Sligo Leitrim seat after a high profile battle with the party over the selection convention.
Arriving in Castlebar after his election, Enda Kenny paid tribute to his party's TDs who are set to lose their seats.
He admitted that it is a disappointing day for his party, adding it is "particularly disappointing for those who are candidates and lost their seats... particularly so those who have been serving in the Oireachtas over the last five difficult years."
Health Minister Leo Varadkar - who has also been re-elected - has backed Enda Kenny to continue as leader of Fine Gael, while saying everyone in the party has to "accept our share of responsibility for this very disappointing result".