The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from a heavy decline this morning and is flat at 5,921.2 points in early afternoon trade.
Four shares that have fallen heavily today are listed below. Here's why they have started the week in the red:
The Afterpay Touch Group Ltd (ASX: APT) share price has fallen 5% to $12.80. The buy now, pay later company's shares have come under pressure ahead of a senate inquiry into financial products that were not included in the Royal Commission. Investors appear concerned that the Afterpay platform could be targeted by regulators.
The Australia and New Zealand Banking Group (ASX: ANZ) share price has fallen over 3.5% to $26.11. This morning the banking giant's shares went ex-dividend for its 80 cents per share fully franked final dividend. This dividend will be paid to eligible shareholders on December 18, just in time to fund some last minute Christmas shopping.
The Carsales.Com Ltd (ASX: CAR) share price is down 3% to $11.84. News that Facebook plans to launch a car dealership inventory listing service in the Australian market appears to have worried investors. One broker that isn't concerned is UBS. It doesn't see the plans as a threat and has retained its buy rating and $13.50 price target on the car listings company's shares.
The Steadfast Group Ltd (ASX: SDF) share price is down 9.5% to $2.78. The general insurance broker's shares have fallen heavily after ASIC called for a ban on general insurance commissions. In its Royal Commission submission ASIC called for the ban because the "negotiation, payment and acceptance of conflicted remuneration has contributed to poor consumer outcomes." It also called for the ban on the sales of accidental death insurance, tyre and rim car insurance, and certain types of disability insurance.
