In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and is down slightly at 5,986 points.
Four shares which have fallen more than most today are listed below. Here's why they have sunk lower:
The Creso Pharma Ltd (ASX: CPH) share price has fallen 6% to $1.26. This morning Creso Pharma announced that it has raised $15.5 million through a share placement at $1.10 per share. A further $2 million is expected be raised via a share purchase plan. The company also announced a partnership with Aeschbach Chocolatier to create an exciting range of unique, terpene infused premium Swiss chocolates.
The Big Un Ltd (ASX: BIG) share price has continued its decline and is down 11% to $3.41. A number of popular growth shares have come under pressure in recent days, possibly indicating that some investors are rotating out of them to other areas of the market.
The Fortescue Metals Group Limited (ASX: FMG) share price is down almost 3% to $4.57 after iron ore prices dropped lower overnight. Furthermore, the AFR has reported that Fortescue Metals has been forced to offer even bigger iron ore discount in China in order to shift product.
The Telstra Corporation Ltd (ASX: TLS) share price has fallen almost 2.5% to $3.38 following the NBN Company's decision to cease sales of hybrid fibre co-axial technology for the next six to nine months. This has some investors concerned that its proposed 22 cents per share dividend may need to be cut.
