In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.6% to 7,185.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down almost 8% to $1.21. This decline appears to have been triggered by a bearish broker note out of Goldman Sachs. This morning the broker initiated coverage on the lithium developer with a sell rating and $1.00 price target. Goldman highlights that the Core Lithium share price is trading at a premium to peers and on low forecast free cash flow multiples.
Downer EDI Ltd (ASX: DOW)
The Downer share price is down a massive 22% to $3.75. Investors have been hitting the sell button after the engineering and construction company identified certain accounting irregularities in its Australian Utilities business. The irregularities are estimated to result in a historical overstatement of pre-tax earnings in the order of $30 million to $40 million at the end of November.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is down 4% to $3.25. This has been driven by an update on Dye & Durham's proposal to acquire Link's Corporate Markets business and all of the BCM business for $1.27 billion. Management advised that the conditional non-binding proposal has not been able to be progressed to a transaction that is certain, has committed financing, reflects appropriate value, and is on appropriate terms. As a result, talks have now ended.
Renascor Resources Ltd (ASX: RNU)
The Renascor share price is down 6% to 30 cents. This morning this battery materials developer announced the completion of a $70 million institutional placement. These funds were raised at a 14% discount of 27.5 cents per share. The proceeds from the placement will be used to progress the development of the Siviour Battery Anode Material (BAM) project.
