In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of U.S. markets and is down 0.6% to 5,797 points.
Four shares that have fallen more than most today are listed below. Here's why they have sunk like stones today:
The A2 Milk Company Ltd (ASX: A2M) share price is down 6% to $12.29 after the NZ Herald reported that Nestle plans to launch an a2 protein-only infant formula product under its Illuma brand in China. Investors appear to be concerned that this product could steal market share away from the fast-growing infant formula company.
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has plunged 9% to $10.40 after Glaucus Research named the fund manager as its latest short pick. The short seller alleges that Blue Sky is overstating the value of its assets, return on investments, and its management fees. According to the note, Glaucus estimates that Blue Sky's shares are worth $2.66, approximately 77% below the last close price. Glaucus was the short seller behind the Quintis Ltd (ASX: QIN) short last year. Blue Sky has requested a trading halt as it prepares to respond to the allegations.
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen 4% to $4.39 after the iron ore producer was the subject of a negative broker note out of Citi. The broker has downgraded Fortescue's shares from a buy rating to a sell and cut the price target on its shares to $4.10 from $5.40. This was done in response to the company's widening discount for its iron ore.
The Syrah Resources Ltd (ASX: SYR) share price has dropped 8% to $3.31 despite there being no news out of the graphite miner. Syrah's shares have been the most shorted on the Australian share market for some time now amid concerns that the miner isn't commanding prices as high as first expected.
