The S&P/ASX 200 index is on course to start the week with a disappointing decline. In early afternoon trade the benchmark index is down 0.3% to 6,535.5 points.
Four shares that have fallen more than most today are listed below. Here's why they have started the week in the red:
Afterpay contines its slide.
The Afterpay Touch Group Ltd (ASX: APT) share price has continued to decline and is down a further 4.5% to $20.59. The payments company's shares have come under significant pressure since announcing that AUSTRAC has ordered an audit. Investors may be concerned that the financial intelligence agency could force changes to the way it operates its buy now, pay later platform.
McMillan Shakespeare warns of challenging conditions.
The McMillan Shakespeare Limited (ASX: MMS) share price has fallen over 5% to $13.29 after the salary packaging company warned of challenging conditions in the retail car market and delayed end of contract income for its Australian asset management business. As a result, it expects UNPATA in the range of $87 million to $89 million in FY 2019, compared to the current broker consensus of approximately $92 million. McMillan Shakespeare also revealed a provision for its UK business.
Pilbara Minerals update disappoints.
The Pilbara Minerals Ltd (ASX: PLS) share price has tumbled 5.5% to 66.5 cents after the lithium miner released a production and sales update. Although production was strong again in June, this hasn't been the case for its sales. In light of this, the miner plans to reduce its production to conserve cash flow and working capital.
Vocus takeover collapses.
The Vocus Group Ltd (ASX: VOC) share price has crashed 30% lower to $3.06 after yet another takeover approach collapsed. This morning AGL Energy Limited (ASX: AGL) pulled out of a deal to acquire the telco company following a period of due diligence. The energy retailer wasn't convinced the deal would add value for its shareholders.
