In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.3% to 7,257.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling:
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Galan Lithium Ltd (ASX: GLN)
The Galan Lithium share price is down 10% to $1.08. Investors have been selling this lithium developer's shares after it completed the institutional component of its capital raising. Galan Lithium has received firm commitments to raise $31.5 million through an institutional placement priced at $1.05 per share. The proceeds will be used to purchase long lead items for the lithium carbonate pilot plant and the Stage 2 definitive feasibility study at Hombre Muerto West.
Metcash Limited (ASX: MTS)
The Metcash share price is down 3.5% to $3.65. This is likely to have been driven by a downbeat broker note out of Macquarie. According to the note, the broker has downgraded this wholesale distributor's shares to a neutral rating with a reduced price target of $3.90. Macquarie is concerned that Aldi could be taking market share away from Metcash.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price has crashed 17% to $1.27. Investors have been hitting the sell button today after Potentia withdrew from takeover talks for the payments company. Potentia had nearly four months of due diligence before pulling the plug. It appears to have seen something it didn't like in Tyro's books.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 5% to 54.5 cents. This follows news that the Treasury plans to strengthen the BNPL regulatory framework. However, it is worth noting that Zip was in full support of the changes that are being proposed and would already be compliant with any new requirements.
