In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has given back its gains and is edging lower. At the time of writing, the benchmark index is down a few points to 6,792.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:
Chorus Ltd (ASX: CNU)
The Chorus share price is down 3.5% to $7.21 following the release of its half year results. For the six months ended 31 December, the New Zealand-based telco reported a 2.1% decline in revenue to NZ$473 million and a 22.5% decline in net profit to NZ$24 million. This was despite the company reporting a 62,000 increase in fibre connections to 813,000. Approximately 17% of these connections are on gigabit plans.
Douugh Ltd (ASX: DOU)
The Douugh share price is down 2% to 23 cents. Investors continue to sell the financial app company's shares following the release of user numbers last week. The company revealed that since its launch last year, there have been just 8,001 customers onboarded. Investors may not believe this justifies its current valuation.
IOUpay Ltd (ASX: IOU)
The IOUpay share price has crashed 12% lower to 54 cents. Investors have been selling the Malaysia-based buy now pay later (BNPL) provider's shares since its surprise $50 million placement last week. Sophisticated and institutional investors were offered 100 million shares at 50 cents per share. This represented a 28.6% discount to its last close price at the time of 70 cents. The proceeds will be used for growth initiatives including digital payments and to accelerate new business development opportunities in the BNPL sector in South East Asia.
Reliance Worldwide Corporation Ltd (ASX: RWC)
The Reliance share price has fallen 3% to $4.58. This follows the release of the plumbing parts company's half year results today. Although Reliance delivered stellar profit growth, its outlook appears to have spooked investors. Management warned that the strong sales growth may not persist.
