We study the neutral exciton energy spectrum fine structure and its spin dephasing in transition metal dichalcogenides such as MoS2. The interaction of the mechanical exciton with its macroscopic longitudinal electric field is taken into account. The splitting between the longitudinal and transverse excitons is calculated by means of the both electrodynamical approach and k ·p perturbation theory. This long-range exciton exchange interaction can induce valley polarization decay. The estimated exciton spin dephasing time is in the picosecond range, in agreement with available experimental data.PACS numbers: 71.70.Gm,72.25.Rb,78.66.Li Introduction. Monolayers (MLs) of transition metal dichalcogenides, in particular, MoS 2 form a class of novel two-dimensional materials with interesting electronic and optical properties. The direct band gap in these systems is realized at the edges of the Brillouin zone at points K + and K − .1 Strikingly, each of the valleys can be excited by the radiation of given helicity only.2-4 Recent experiments have indeed revealed substantial optical orientation in ML MoS 2 related to selective excitation of the valleys by circularly polarized light.5-8 Strong spin-orbit coupling in this material lifts the spin degeneracy of electron and hole states even at K + and K − points of the Brillouin zone resulting in relatively slow spin relaxation of individual charge carriers, which requires their intervalley transfer.9-13 However recent time-resolved measurements revealed surprisingly short, in the picosecond range, transfer times between valleys.14,15 This could be due to excitonic effects which are strong in transition metal dichalcogenides 16,17 Although individual carrier spin flips are energetically forbidden, spin relaxation of electron-hole pairs can be fast enough owing to the exchange interaction between an electron and a hole forming an exciton, 18,19 in close analogy to exciton dephasing in quantum wells.