Nasheed, the country's first democratically elected President who resigned in February last year, was followed by Abdulla Yamin who got 27 per cent of votes.
However, there was no official announcement from the Election Commission on voting trends.
Counting began at 4.30 pm at some polling booths even as voting was going on at other places.
A total of 64 per cent of the electorate cast their votes in the polling, which was described by Election Commission President Fuwad Taufeeq as smooth.
According to initial trends shown on news channels President Mohamed Waheed was trailing with the least number of votes as he secured the backing of only 8 per cent of voters.
Waheed's wife did not cast her vote after she was asked to join a queue at the Ghiyasuddin International School, a major polling station.
Election Commission chief Taufeeq told PTI that voting started at 7.30 am at all the booths. "No issues have been reported so far," he said.
The poll panel set up 470 ballot boxes across 192 inhabited islands and 40 resorts in the Indian Ocean archipelago to enable over 2.30 lakh voters to exercise their franchise.
Four candidates - President Mohamed Waheed, former President and Maldivian Democratic Party candidate Mohamed Nasheed, Abdulla Yameen, the brother of former President Maumoon Abdul Gayoom and a candidate of the Progressive Party of Maldives, and Jumhooree Party candidate and business tycoon Gasim Ibrahim - are in the fray for the top job.
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