It was a month to forget for the S&P/ASX 200 Index (ASX: XJO) in May. During the period, the benchmark index fell a sizeable 3% to 7,229 points.
While a good number of shares fell with the market, some dropped more than most. Here's why these were the worst performers on the ASX 200 last month:
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Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price was the worst performer on the ASX 200 last month by some distance with its 81.5% decline. This was driven by the demerger of its lottery and Keno businesses into a separate listed entity – The Lottery Corporation Limited (ASX: TLC). New Tabcorp is left with its wagering, media, and gaming services businesses.
CSR Limited (ASX: CSR)
The CSR share price was a very poor performer and sank 24% during the month. There were a couple of a catalysts for the weakness in the building products company's shares. One was a lukewarm reaction to the company's results, which saw both Jefferies and Macquarie downgrade their recommendations. The other was its shares trading ex-dividend for its 18 cents per share fully franked dividend.
Novonix Ltd (ASX: NVX)
The Novonix share price wasn't far behind with a 21.8% decline in May. This was despite there being no real news out of the battery materials and technology company. Unfortunately for shareholders, this latest decline means that the Novonix share price is down 61% since the start of the year. Valuation concerns appear to be weighing on its shares.
AVZ Minerals Ltd (ASX: AVZ)
The AVZ Minerals share price was sold off and dropped 21.2% last month. Investors were selling this lithium developer's shares after the release of an update on its Manono Lithium Project in the Democratic Republic of the Congo. Although AVZ revealed that a mining licence has been granted, it dropped a bombshell. AVZ advised that it is facing an ownership dispute for the project, which could see the company ultimately owning just 36% of it.
