Drug delivery company Acrux Limited's (ASX: ACR) shares have tumbled 10.3% before being placed in a trading halt at 2.56 pm on Tuesday.
Around 4.4 million shares had changed hands before the trading halt occurred, however the reason for the sell-off remains unclear. At the end of January, Acrux provided investors with sales data from its lead product Axiron for the 2013 calendar year. Total sales were an impressive US$178.7 million and triggered a milestone payment of $25 million.
It has been a tumultuous day on the ASX with over $20 billion in value wiped off of the market. The RBA's decision to hold the cash rate at 2.5% also failed to bolster investor enthusiasm. Other big decliners today have included Amcor Limited (ASX: AMC) which has fallen 4.3% and Ten Network Holdings Limited (ASX: TEN) which is down 4.1%
Foolish takeaway
Market routs such as this can create great buying opportunities for investors. Sell-offs are often sudden with subsequent rallies equally as quick. Savvy investors need to be alert and ready to act when opportunities present themselves.
